Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 22, 2021 | referred to insurance delivered to assembly passed senate |
Feb 03, 2021 | advanced to third reading |
Feb 02, 2021 | 2nd report cal. |
Feb 01, 2021 | 1st report cal.220 |
Jan 06, 2021 | referred to insurance |
senate Bill S498
2021-2022 Legislative Session
Sponsored By
Neil D. Breslin
(D, IP, WF) 44th Senate District
Current Bill Status - Passed Senate
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Votes
Co-Sponsors
John E. Brooks
(D) 8th Senate District
Pamela Helming
(R, C, IP) 54th Senate District
S498 (ACTIVE) - Details
S498 (ACTIVE) - Sponsor Memo
BILL NUMBER: S498 SPONSOR: BRESLIN TITLE OF BILL: 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 requirement and simplifying the excess line insurance placement affidavit require- ments PURPOSE: To exempt commercial lines insurance transactions placed by wholesale insurance brokers from the excess line diligent effort requirement, and streamline the excess line affidavit regarding declinations that is filed by insurance brokers when placing excess line business. SUMMARY OF PROVISIONS: Section 1. Subparagraph (A) of paragraph 3 of subsection (b) of section
S498 (ACTIVE) - 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
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