senate Bill S5760A

Signed By Governor
2021-2022 Legislative Session

Authorizes excess business disability insurance as a non-basic type of insurance

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


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

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Actions

view actions (20)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 02, 2021 signed chap.359
Jul 21, 2021 delivered to governor
Jun 02, 2021 returned to senate
passed assembly
ordered to third reading rules cal.302
substituted for a3222a
Jun 01, 2021 referred to insurance
returned to assembly
repassed senate
May 25, 2021 amended on third reading 5760a
May 25, 2021 vote reconsidered - restored to third reading
returned to senate
recalled from assembly
May 10, 2021 referred to insurance
delivered to assembly
passed senate
Apr 28, 2021 advanced to third reading
Apr 27, 2021 2nd report cal.
Apr 26, 2021 1st report cal.743
Mar 18, 2021 referred to insurance

Votes

view votes

Apr 26, 2021 - Insurance committee Vote

S5760
10
0
committee
10
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Apr 26, 2021

aye wr (1)

Co-Sponsors

S5760 - Details

See Assembly Version of this Bill:
A3222
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 4101, 4103 & 4107, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8147, A10698
2019-2020: S3638, A2896

S5760 - Summary

Authorizes excess business disability insurance as a non-basic type of insurance.

S5760 - Sponsor Memo

S5760 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5760
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2021
                                ___________
 
 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  excess  disability
   insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 33 of subsection  (a)  of  section  1113  of  the
 insurance  law,  as  renumbered by section 23 of part L of chapter 56 of
 the laws of 2020, is renumbered paragraph 34 and a new paragraph  33  is
 added to read as follows:
   (33)  "CATASTROPHIC  BUSINESS  DISRUPTION  INSURANCE," MEANS INSURANCE
 AGAINST FINANCIAL LOSS EXPERIENCED BY A CORPORATE ENTITY OR  A  PARTNER-
 SHIP  WHERE  AN  INDIVIDUAL INTEGRAL TO THE SUCCESSFUL OPERATION OF SUCH
 CORPORATE ENTITY  OR  PARTNERSHIP  BECOMES  DISABLED  DUE  TO  SICKNESS,
 AILMENT  OR BODILY INJURY. SUCH INSURANCE MAY BE OBTAINED IN EXCESS OF A
 PRIMARY BUSINESS-RELATED DISABILITY POLICY, OR IN THE ABSENCE OF SUCH  A
 POLICY  IF  COVERAGE  CANNOT  BE  OBTAINED  FROM  AN AUTHORIZED INSURER.
 CATASTROPHIC BUSINESS DISRUPTION INSURANCE COVERAGE MAY INCLUDE, BUT  IS
 NOT  LIMITED  TO,  REIMBURSEMENT FOR ALL OVERHEAD COSTS AND EXPENSES AND
 ALL CAPITAL OUTLAYS OF A CORPORATE  ENTITY  OR  PARTNERSHIP  WHICH  SUCH
 CORPORATE  ENTITY  OR PARTNERSHIP INCURS IN THE ORDINARY COURSE OF BUSI-
 NESS DURING THE PERIOD OF DISABILITY; AND BUY/SELL  ARRANGEMENTS  IN  AN
 AMOUNT  SUFFICIENT  TO PURCHASE THE DISABLED INDIVIDUAL'S INTEREST SHARE
 IN THE CORPORATE ENTITY OR PARTNERSHIP.
   § 2. Subsection (a) of section 2105 of the insurance law,  as  amended
 by section 24 of part L of chapter 56 of the laws of 2020, is amended to
 read as follows:
   (a)  The  superintendent  may issue an excess line broker's license to
 any person, firm, association or corporation who or which is licensed as
 an insurance broker under section two thousand one hundred four of  this
 article,  or  who  or  which is licensed as an excess line broker in the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

S5760A (ACTIVE) - Details

See Assembly Version of this Bill:
A3222
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 4101, 4103 & 4107, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8147, A10698
2019-2020: S3638, A2896

S5760A (ACTIVE) - Summary

Authorizes excess business disability insurance as a non-basic type of insurance.

S5760A (ACTIVE) - Sponsor Memo

S5760A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5760--A
     Cal. No. 743
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 18, 2021
                                ___________
 
 Introduced by Sens. BRESLIN, GAUGHRAN, HELMING, JORDAN -- read twice and
   ordered  printed, and when printed to be committed to the Committee on
   Insurance -- reported favorably from said committee, ordered to  first
   and  second  report,  ordered to a third reading, passed by Senate and
   delivered to the Assembly, recalled, vote  reconsidered,  restored  to
   third  reading,  amended and ordered reprinted, retaining its place in
   the order of third reading
 
 AN ACT to amend the insurance law,  in  relation  to  excess  disability
   insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 33 of subsection  (a)  of  section  1113  of  the
 insurance  law,  as  renumbered by section 23 of part L of chapter 56 of
 the laws of 2020, is renumbered paragraph 34 and a new paragraph  33  is
 added to read as follows:
   (33)  "EXCESS  BUSINESS DISABILITY INSURANCE," MEANS INSURANCE AGAINST
 FINANCIAL LOSS EXPERIENCED BY A CORPORATE ENTITY OR A PARTNERSHIP  WHERE
 AN  INDIVIDUAL  INTEGRAL  TO  THE SUCCESSFUL OPERATION OF SUCH CORPORATE
 ENTITY OR PARTNERSHIP BECOMES DISABLED DUE TO SICKNESS, AILMENT OR BODI-
 LY INJURY. SUCH INSURANCE MAY BE OBTAINED IN EXCESS OF A  PRIMARY  BUSI-
 NESS-RELATED  DISABILITY  POLICY,  OR IN THE ABSENCE OF SUCH A POLICY IF
 COVERAGE CANNOT BE OBTAINED FROM AN AUTHORIZED INSURER.  EXCESS BUSINESS
 DISABILITY INSURANCE COVERAGE  MAY  INCLUDE,  BUT  IS  NOT  LIMITED  TO,
 REIMBURSEMENT  FOR  ALL  OVERHEAD  COSTS  AND  EXPENSES  AND ALL CAPITAL
 OUTLAYS OF A CORPORATE ENTITY OR PARTNERSHIP WHICH SUCH CORPORATE ENTITY
 OR PARTNERSHIP INCURS IN THE ORDINARY  COURSE  OF  BUSINESS  DURING  THE
 PERIOD  OF DISABILITY; AND BUY/SELL ARRANGEMENTS IN AN AMOUNT SUFFICIENT
 TO PURCHASE THE DISABLED INDIVIDUAL'S INTEREST SHARE  IN  THE  CORPORATE
 ENTITY OR PARTNERSHIP.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06807-03-1

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