assembly Bill A3222A

Signed By Governor
2021-2022 Legislative Session

Relates to excess disability insurance, authorizing catastrophic business disruption insurance as a non-basic type of insurance

download bill text pdf

Sponsored By

Current Bill Status Via S5760 - 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 (14)
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 02, 2021 substituted by s5760a
rules report cal.302
reported
Jun 01, 2021 reported referred to rules
May 25, 2021 reported referred to ways and means
May 20, 2021 print number 3222a
May 20, 2021 amend and recommit to insurance
Jan 22, 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)

A3222 - Details

See Senate Version of this Bill:
S5760
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 4101, 4103 & 4107, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10698, S8147
2019-2020: A2896, S3638

A3222 - Summary

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

A3222 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3222
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 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 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.

A3222A (ACTIVE) - Details

See Senate Version of this Bill:
S5760
Law Section:
Insurance Law
Laws Affected:
Amd §§1113, 2105, 4101, 4103 & 4107, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10698, S8147
2019-2020: A2896, S3638

A3222A (ACTIVE) - Summary

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

A3222A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3222--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred 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  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.
   §  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.