Senate Bill S769A

2019-2020 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Actions
Votes

Bill Amendments

co-Sponsors

2019-S769 - Details

See Assembly Version of this Bill:
A8842
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L
Versions Introduced in 2021-2022 Legislative Session:
S498, A5241

2019-S769 - 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.

2019-S769 - Sponsor Memo

2019-S769 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    769
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

2019-S769A (ACTIVE) - Details

See Assembly Version of this Bill:
A8842
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L
Versions Introduced in 2021-2022 Legislative Session:
S498, A5241

2019-S769A (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.

2019-S769A (ACTIVE) - Sponsor Memo

2019-S769A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  769--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sens. BRESLIN, BROOKS -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Insurance  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 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
              

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