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

Archive: Last Bill Status Via S5760 - Signed by Governor


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

2021-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

2021-A3222 - Summary

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

2021-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.
              

2021-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

2021-A3222A (ACTIVE) - Summary

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

2021-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.
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.