assembly Bill A8842A

2019-2020 Legislative Session

Relates to permitting certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers without regard to the diligent effort requirement

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Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 29, 2020 print number 8842a
Jan 29, 2020 amend and recommit to insurance
Jan 08, 2020 referred to insurance
Dec 18, 2019 referred to insurance

A8842 - Details

See Senate Version of this Bill:
S769
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L

A8842 - Summary

Relates to permitting certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers without regard to the diligent effort requirement and simplifying the excess line insurance placement affidavit requirements.

A8842 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8842

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            December 18, 2019
                               ___________

Introduced by M. of A. HUNTER -- read once and referred to the Committee
  on Insurance

AN  ACT  to  amend  the insurance law, in relation to permitting certain
  insurance coverage to be placed by licensed excess  line  broker  with
  unauthorized  insurers  without regard to the diligent effort require-
  ment and simplifying the excess  line  insurance  placement  affidavit
  requirements

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (A)  of  paragraph  3  of  subsection  (b)  of
section 2118 of the insurance law, as amended by section 12 of part I of
chapter 61 of the laws of 2011, is amended to read as follows:
  (A) Except as provided in subparagraph (F) AND SUBJECT TO SUBPARAGRAPH
(C)  of  this paragraph, submission of insurance documents to the excess
line association shall be accompanied by a statement subscribed to,  and
affirmed  by, the licensee or sublicensee as true under the penalties of
perjury that, after  diligent  effort,  the  full  amount  of  insurance
required  could not be procured, from authorized insurers, each of which
is authorized to write insurance of the kind  requested  and  which  the
licensee has reason to believe might consider writing the type of cover-
age  or class of insurance involved, and further showing that the amount
of insurance procured from an unauthorized insurer is  only  the  excess
over  the  amount  procurable  from an authorized insurer. The licensee,
however, shall be excused from affirming  that  a  diligent  effort,  as
defined above, was made to procure the coverage from authorized insurers
if  the  licensee's affidavit is accompanied by the affidavit of another
broker involved in the placement affirming as true under  the  penalties
of  perjury  that,  after  diligent  effort by the affirming broker, the
required insurance could not be  procured  from  an  authorized  insurer
which  the affirming broker had reason to believe might consider writing
the type of coverage or class of insurance involved.  The  licensee  and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

A8842A (ACTIVE) - Details

See Senate Version of this Bill:
S769
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L

A8842A (ACTIVE) - Summary

Relates to permitting certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers without regard to the diligent effort requirement and simplifying the excess line insurance placement affidavit requirements.

A8842A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8842--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            December 18, 2019
                               ___________

Introduced by M. of A. HUNTER -- read once and referred to the Committee
  on  Insurance  -- recommitted to the Committee on Insurance in accord-
  ance with Assembly Rule  3,  sec.  2  --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the insurance law, in  relation  to  permitting  certain
  insurance  coverage  to  be placed by licensed excess line broker with
  unauthorized insurers without regard to the diligent  effort  require-
  ment  and  simplifying  the  excess line insurance placement affidavit
  requirements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph  (A)  of  paragraph  3  of subsection (b) of
section 2118 of the insurance law, as amended by section 12 of part I of
chapter 61 of the laws of 2011, is amended to read as follows:
  (A) Except as provided in subparagraph (F) AND SUBJECT TO SUBPARAGRAPH
(C) of this paragraph, submission of insurance documents to  the  excess
line  association shall be accompanied by a statement subscribed to, and
affirmed by, the licensee or sublicensee as true under the penalties  of
perjury  that,  after  diligent  effort,  the  full  amount of insurance
required could not be procured, from authorized insurers, each of  which
is  authorized  to  write  insurance of the kind requested and which the
licensee has reason to believe might consider writing the type of cover-
age or class of insurance involved, and further showing that the  amount
of  insurance  procured  from an unauthorized insurer is only the excess
over the amount procurable from an  authorized  insurer.  The  licensee,
however,  shall  be  excused  from  affirming that a diligent effort, as
defined above, was made to procure the coverage from authorized insurers
if the licensee's affidavit is accompanied by the affidavit  of  another
broker  involved  in the placement affirming as true under the penalties
of perjury that, after diligent effort  by  the  affirming  broker,  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.