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 |
Assembly Bill A3222A
Signed By Governor2021-2022 Legislative Session
Sponsored By
HUNTER
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
Actions
Votes
Bill Amendments
2021-A3222 - Details
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
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.
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