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 01, 2021 |
referred to insurance returned to assembly repassed senate |
May 25, 2021 |
amended on third reading 5760a |
May 25, 2021 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
May 10, 2021 |
referred to insurance delivered to assembly passed senate |
Apr 28, 2021 |
advanced to third reading |
Apr 27, 2021 |
2nd report cal. |
Apr 26, 2021 |
1st report cal.743 |
Mar 18, 2021 |
referred to insurance |
Senate Bill S5760
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - 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
co-Sponsors
(D) Senate District
(R, C, IP) 54th Senate District
(R, C, IP, RFM) Senate District
2021-S5760 - Details
2021-S5760 - Sponsor Memo
BILL NUMBER: S5760 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to excess disability insurance PURPOSE: This bill creates a new kind of business disability-related coverage to protect businesses, and individuals associated with such businesses, from catastrophic loss where the limits of a primary disability insur- ance policy in force may be inadequate to properly cover losses relative to a business' financial circumstances, or where no primary business-re- lated disability insurance coverage can be obtained in the authorized insurer market by such business. SUMMARY OF PROVISIONS: Section 1 of the bill establishes a new type of insurance, "catastrophic
2021-S5760 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5760 2021-2022 Regular Sessions I N S E N A T E March 18, 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 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.
co-Sponsors
(D) Senate District
(R, C, IP) 54th Senate District
(R, C, IP, RFM) Senate District
2021-S5760A (ACTIVE) - Details
2021-S5760A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5760A SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to excess disability insurance PURPOSE: This bill creates a new kind of business disability-related coverage to protect businesses, and individuals associated with such businesses, from catastrophic loss where the limits of a primary disability insur- ance policy in force may be inadequate to properly cover losses relative to a business' financial circumstances, or where no primary business-re- lated disability insurance coverage can be obtained in the authorized insurer market by such business. SUMMARY OF PROVISIONS: Section 1 of the bill establishes a new type of insurance, "excess busi-
2021-S5760A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5760--A Cal. No. 743 2021-2022 Regular Sessions I N S E N A T E March 18, 2021 ___________ Introduced by Sens. BRESLIN, GAUGHRAN, HELMING, JORDAN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, passed by Senate and delivered 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 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06807-03-1
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.