|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 04, 2022||referred to insurance|
delivered to assembly
|Feb 16, 2022||advanced to third reading|
|Feb 15, 2022||2nd report cal.|
|Feb 14, 2022||1st report cal.491|
|Jan 25, 2022||referred to insurance|
senate Bill S8128
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8128 (ACTIVE) - Details
S8128 (ACTIVE) - Summary
Permits a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers where a retail producing insurance broker seeks to procure or place commercial lines insurance through an unaffiliated wholesale excess line insurance broker.
S8128 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8128 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to permitting a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers PURPOSE OR GENERAL IDEA OF BILL: This bill would exempt certain commercial lines insurance transactions placed by wholesale insurance brokers from the excess line diligent effort requirement. The bill would eliminate both a process and exces- sive data reporting which provide no benefit to insureds and instead allow brokers to focus on providing services that consumers need and value. SUMMARY OF PROVISIONS: Section one - Amends subparagraph (A) of paragraph 3 of subsection (b)
S8128 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8128 I N S E N A T E January 25, 2022 ___________ 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 permitting a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers 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) OF THIS PARAGRAPH 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 coverage 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 the type of coverage or class of insurance involved. The licensee and the affirming broker shall be excused from affirming that a diligent effort was made if the superintendent deter- mines, pursuant to paragraph four of this subsection, that no declina- tions are required. NOTWITHSTANDING ANY PROVISION TO THE CONTRARY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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