Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 28, 2021 |
signed chap.10 |
Jan 27, 2021 |
delivered to governor |
Jan 26, 2021 |
returned to assembly passed senate 3rd reading cal.56 substituted for s903 |
Jan 26, 2021 |
substituted by a1252 |
Jan 11, 2021 |
ordered to third reading cal.56 |
Jan 06, 2021 |
referred to rules |
Senate Bill S903
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 42nd Senate District
Archive: Last Bill Status Via A1252 - 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
2021-S903 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1252
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §6605, Ins L (as proposed in S.4081 & A.7110)
2021-S903 (ACTIVE) - Sponsor Memo
BILL NUMBER: S903 SPONSOR: SKOUFIS TITLE OF BILL: An act to amend the insurance law, in relation to the organization of assessment corporations PURPOSE: This is a chapter amendment that makes changes to provisions of L.2020, ch. 366. SUMMARY OF PROVISIONS: This legislation amends the underlying chapter by narrowing the scope of which insurers may offer these umbrella policies, increasing the required amount of surplus capital held by the assessment corporations from $50,000 to $600,000 and to clarify that these insurers may sell policies to businesses that both own and rent their business premises. JUSTIFICATION:
2021-S903 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 903 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the insurance law, in relation to the organization of assessment corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of subsection (a) of section 6605 of the insurance law, as amended by a chapter of the laws of 2020, amending the insurance law relating to the organization of assessment corpo- rations, as proposed in legislative bills numbers S. 4081 and A. 7110, is amended to read as follows: An assessment corporation may be organized and licensed in the manner prescribed in section six thousand six hundred three of this article and may do, in addition to the kind of insurance specified in paragraph four of subsection (a) of section one thousand one hundred thirteen of this chapter, any one or more of the kinds of insurance specified in para- graphs five, six, seven and eight of such subsection SOLELY IN CONJUNC- TION WITH FIRE INSURANCE WRITTEN UNDER THE SAME POLICY AND COVERING THE SAME PREMISES and insurance against loss or damage to property caused by aircraft or vehicles in compliance with the following prerequisites: § 2. Subsection (b) of section 6605 of the insurance law, as amended by a chapter of the laws of 2020, amending the insurance law relating to the organization of assessment corporations, as proposed in legislative bills numbers S. 4081 and A. 7110, is amended to read as follows: (b) (1) Any licensed assessment corporation may amend its charter and be licensed to do the kinds of insurance specified in paragraphs nine, thirteen, fourteen and fifteen (except workers' compensation insurance) of subsection (a) of section one thousand one hundred thirteen of this chapter SOLELY IN CONJUNCTION WITH FIRE INSURANCE WRITTEN UNDER THE SAME POLICY AND COVERING THE SAME PREMISES, EXCEPT AS PROVIDED IN PARAGRAPH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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