Senate Bill S498A

2021-2022 Legislative Session

Simplifies the excess line insurance placement affidavit requirements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


  • 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

co-Sponsors

2021-S498 - Details

See Assembly Version of this Bill:
A5241
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L
Versions Introduced in 2019-2020 Legislative Session:
S769, A8842

2021-S498 - Summary

Simplifies the excess line insurance placement affidavit requirements.

2021-S498 - Sponsor Memo

2021-S498 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    498
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sens. BRESLIN, BROOKS -- 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  permitting  certain
   insurance  coverage  to  be placed by licensed excess line broker with
   unauthorized insurers without regard to the diligent  effort  require-
   ment  and  simplifying  the  excess line insurance placement affidavit
   requirements
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (A)  of  paragraph  3  of subsection (b) of
 section 2118 of the insurance law, as amended by section 12 of part I of
 chapter 61 of the laws of 2011, is amended to read as follows:
   (A) Except as provided in subparagraph (F) AND SUBJECT TO SUBPARAGRAPH
 (C) of this paragraph, submission of insurance documents to  the  excess
 line  association shall be accompanied by a statement subscribed to, and
 affirmed by, the licensee or sublicensee as true under the penalties  of
 perjury  that,  after  diligent  effort,  the  full  amount of insurance
 required could not be procured, from authorized insurers, each of  which
 is  authorized  to  write  insurance of the kind requested and which the
 licensee has reason to believe might consider writing the type of cover-
 age or class of insurance involved, and further showing that the  amount
 of  insurance  procured  from an unauthorized insurer is only the excess
 over the amount procurable from an  authorized  insurer.  The  licensee,
 however,  shall  be  excused  from  affirming that a diligent effort, as
 defined above, was made to procure the coverage from authorized insurers
 if the licensee's affidavit is accompanied by the affidavit  of  another
 broker  involved  in the placement affirming as true under the penalties
 of perjury that, after diligent effort  by  the  affirming  broker,  the
 required  insurance  could  not  be  procured from an authorized insurer
 which the affirming broker had reason to believe might consider  writing
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

co-Sponsors

2021-S498A (ACTIVE) - Details

See Assembly Version of this Bill:
A5241
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2118, Ins L
Versions Introduced in 2019-2020 Legislative Session:
S769, A8842

2021-S498A (ACTIVE) - Summary

Simplifies the excess line insurance placement affidavit requirements.

2021-S498A (ACTIVE) - Sponsor Memo

2021-S498A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  498--A
     Cal. No. 220
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sens. BRESLIN, BROOKS, HELMING -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Insur-
   ance  --  reported favorably from said committee, ordered to first and
   second report, ordered to a third reading, passed by Senate and deliv-
   ered 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 simplifying the excess
   line insurance placement affidavit requirements
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (A)  of  paragraph  3  of subsection (b) of
 section 2118 of the insurance law, as amended by section 12 of part I of
 chapter 61 of the laws of 2011, is amended to read as follows:
   (A) Except as provided in subparagraph (F) AND SUBJECT TO SUBPARAGRAPH
 (C) of this paragraph, submission of insurance documents to  the  excess
 line  association shall be accompanied by a statement subscribed to, and
 affirmed by, the licensee or sublicensee as true under the penalties  of
 perjury  that,  after  diligent  effort,  the  full  amount of insurance
 required could not be procured, from authorized insurers, each of  which
 is  authorized  to  write  insurance of the kind requested and which the
 licensee has reason to believe might consider writing the type of cover-
 age or class of insurance involved, and further showing that the  amount
 of  insurance  procured  from an unauthorized insurer is only the excess
 over the amount procurable from an  authorized  insurer.  The  licensee,
 however,  shall  be  excused  from  affirming that a diligent effort, as
 defined above, was made to procure the coverage from authorized insurers
 if the licensee's affidavit is accompanied by the affidavit  of  another
 broker  involved  in the placement affirming as true under the penalties
 of perjury that, after diligent effort  by  the  affirming  broker,  the
 
              

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.