|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 09, 2021||referred to insurance|
delivered to assembly
|Mar 03, 2021||advanced to third reading|
|Mar 02, 2021||2nd report cal.|
|Mar 01, 2021||1st report cal.479|
|Jan 30, 2021||referred to insurance|
senate Bill S3563
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3563 (ACTIVE) - Details
S3563 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3563 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to exemption from filing requirements only with respect to rates and policy forms PURPOSE: The purpose of the bill is to modernize the insurance law by allowing insurers to take advantage of the Free Trade Zone regardless of whether - or not they maintain a physical office in the state. SUMMARY OF PROVISIONS: The bill amends Section 6303 (a) of the insurance law to repeal the provision which requires that business must be underwritten and trans- acted from an office within the state in order to be eligible for place- ment in the Free Trade Zone.
S3563 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3563 2021-2022 Regular Sessions I N S E N A T E January 30, 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 exemption from filing requirements only with respect to rates and policy forms THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 6303 of the insurance law, as amended by chapter 490 of the laws of 2011, paragraph 3 as amended by chapter 75 of the laws of 2013 and the opening paragraph of paragraph 3 as amended by chapter 438 of the laws of 2018, is amended to read as follows: (a) The exemption that may be granted pursuant to this article shall apply only if [the business is underwritten and transacted from an office within this state; and]: (1) the risk, as defined in regulations of the superintendent, produc- es a minimum annual premium in excess of one hundred thousand dollars or such higher amount as the superintendent may prescribe by regulation; (2) the coverage is for a risk or class of risks which is of an unusu- al nature, a high loss hazard, or difficult to place, pursuant to a list promulgated or amended by the superintendent; or (3) until June thirtieth, two thousand twenty-three, the policy, other than a medical malpractice insurance policy, is issued to a large commercial insured that employs or retains a special risk manager to assist in the negotiation and purchase of a policy exempted under this article, provided, however, that: (A)(i) the special risk manager is not employed by the insurer issuing the policy or any person in the insurer's holding company system; and (ii) the special risk manager is licensed as an insurance producer in this state pursuant to article twenty-one of this chapter, unless exempted from licensing therein; and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07559-01-1
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