S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7110
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 8, 2019
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT to amend the insurance law, in relation to  the  organization  of
   assessment corporations
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The opening paragraph of subsection (a) of section 6605  of
 the  insurance  law,  as  added  by  chapter 137 of the laws of 1986, is
 amended to read as follows:
   An assessment corporation may be organized and licensed in the  manner
 prescribed in section six thousand six hundred three of this article and
 may do, in addition to the kind of insurance specified in paragraph four
 of  subsection  (a) of section one thousand one hundred thirteen of this
 chapter, any one or more of the kinds of insurance  specified  in  para-
 graphs five, six, seven and eight of such subsection [solely in conjunc-
 tion  with fire insurance written under the same policy and covering the
 same premises] and insurance against loss or damage to  property  caused
 by aircraft or vehicles in compliance with the following prerequisites:
   §  2.  Subsection (b) of section 6605 of the insurance law, as amended
 by chapter 379 of the laws of 2001, is amended to read as follows:
   (b) Any licensed assessment corporation may amend its charter  and  be
 licensed  to  do  the  kinds  of insurance specified in paragraphs nine,
 thirteen, fourteen and fifteen (except workers' compensation  insurance)
 of  subsection  (a) of section one thousand one hundred thirteen of this
 chapter [solely in conjunction with fire  insurance  written  under  the
 same  policy  and  covering the same premises] and may be licensed to do
 the kinds of insurance specified in paragraphs twelve, nineteen (exclud-
 ing aircraft physical damage insurance) and twenty (inland marine  only)
 of  such  subsection.  AN  ASSESSMENT  CORPORATION LICENSED TO WRITE THE
 KINDS OF INSURANCE SPECIFIED IN  PARAGRAPHS  THIRTEEN  AND  FOURTEEN  OF
 SUBSECTION  (A)  OF  SECTION  ONE  THOUSAND ONE HUNDRED THIRTEEN OF THIS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06612-01-9

 A. 7110                             2
 
 CHAPTER IS AUTHORIZED TO WRITE PERSONAL OR COMMERCIAL UMBRELLA LIABILITY
 INSURANCE OR ANY OTHER TYPE OF STANDALONE LIABILITY INSURANCE, EXCLUDING
 AUTOMOBILE INSURANCE.
   §  3.  Section  6605  of  the insurance law is amended by adding a new
 subsection (d) to read as follows:
   (D) AN ASSESSMENT CORPORATION LICENSED TO WRITE THE KINDS OF INSURANCE
 SPECIFIED IN PARAGRAPHS THIRTEEN  AND  FOURTEEN  OF  SUBSECTION  (A)  OF
 SECTION  ONE THOUSAND ONE HUNDRED THIRTEEN OF THIS CHAPTER IS AUTHORIZED
 TO WRITE PERSONAL OR COMMERCIAL  UMBRELLA  LIABILITY  INSURANCE  OR  ANY
 OTHER  TYPE  OF  STANDALONE  LIABILITY  INSURANCE,  EXCLUDING AUTOMOBILE
 INSURANCE. EXCEPT AS HEREIN PROVIDED, THE CORPORATION MUST  MAINTAIN  AN
 ADDITIONAL  SURPLUS  OR FIFTY THOUSAND DOLLARS IF THE CORPORATION WRITES
 UMBRELLA LIABILITY INSURANCE. THE ADDITIONAL SURPLUS IS NOT NECESSARY IF
 THE WHOLE RISK FOR THIS PERIL  IS  REINSURED  IN  AN  INSURANCE  COMPANY
 AUTHORIZED  TO DO BUSINESS IN THIS STATE, OR IN AN ACCREDITED REINSURER,
 AS DEFINED IN SUBSECTION (A) OF SECTION ONE HUNDRED SEVEN OF THIS  CHAP-
 TER.
   § 4. This act shall take effect immediately.