S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10416
 
                           I N  A S S E M B L Y
 
                               May 24, 2024
                                ___________
 
 Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
   Bichotte Hermelyn) -- read once  and  referred  to  the  Committee  on
   Insurance
 
 AN  ACT  to  amend  the  insurance  law, in relation to authorizing real
   estate value assurance insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Paragraph  34  of  subsection  (a) of section 1113 of the
 insurance law, as renumbered by chapter 359 of  the  laws  of  2021,  is
 renumbered  paragraph  35  and  a  new  paragraph 34 is added to read as
 follows:
   (34) "REAL ESTATE VALUE ASSURANCE INSURANCE" MEANS  INSURANCE  AGAINST
 LOSS OF REAL ESTATE VALUE SPECIFICALLY ATTRIBUTABLE TO LOCAL REZONING OR
 SIGNIFICANT  CHANGES  IN LAND USE WITHIN THEIR NEIGHBORHOOD THAT ARE NOT
 RELATED TO BROADER ECONOMIC DOWNTURNS.
   § 2. Subsection (a) of section 2105 of the insurance law,  as  amended
 by chapter 359 of the laws of 2021, 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
 licensee's home state, provided,  however,  that  the  applicant's  home
 state  grants  non-resident  licenses  to residents of this state on the
 same basis, except that reciprocity is not required  in  regard  to  the
 placement  of liability insurance on behalf of a purchasing group or any
 of its members; authorizing such person,  firm,  association  or  corpo-
 ration to procure, subject to the restrictions herein provided, policies
 of  insurance  from insurers [which] THAT are not authorized to transact
 business in this state of the kind or kinds of  insurance  specified  in
 paragraphs  four through fourteen, sixteen, seventeen, nineteen, twenty,
 twenty-two, twenty-seven, twenty-eight,  thirty-one,  thirty-two  [and],
 thirty-three  AND  THIRTY-FOUR of subsection (a) of section one thousand
 one hundred thirteen of this chapter  and  in  subsection  (h)  of  this
 section,  provided,  however,  that  the  provisions of this section and
 section two thousand one hundred eighteen  of  this  article  shall  not
 apply to ocean marine insurance and other contracts of insurance enumer-
 ated  in  subsections  (b)  and  (c) of section two thousand one hundred
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15730-01-4
 A. 10416                            2

 seventeen of this article. Such license may be suspended or  revoked  by
 the  superintendent  whenever in [his or her] THE SUPERINTENDENT'S judg-
 ment such suspension or revocation will best promote  the  interests  of
 the people of this state.
   § 3. Subsection (a) of section 4101 of the insurance law is amended to
 read as follows:
   (a)  "Basic kinds of insurance" means the kinds of insurance described
 in the following paragraphs of subsection (a) of  section  one  thousand
 one  hundred  thirteen  of this chapter numbered therein as set forth in
 parentheses below:
   fire (4);
   burglary and theft (7);
   glass (8);
   boiler and machinery (9);
   elevator (10);
   animal (11);
   personal injury liability (13);
   property damage liability (14) - basic as to stock companies only;
   workers' compensation and employers' liability (15);
   fidelity and surety (16);
   credit (17);
   marine and inland marine (20);
   marine protection and indemnity (21) - basic as  to  mutual  companies
 only;
   REAL ESTATE VALUE ASSURANCE (34).
   §  4. Group A of table one of paragraph 1 of subsection (a) of section
 4103 of the insurance law, as amended by chapter  359  of  the  laws  of
 2021, is amended to read as follows:
 
                                  Group A:
 
 7                                              $300,000       $150,000
 8, 9, 10, 11, or 14 - for each such kind       $100,000       $ 50,000
 13 or 15 - for each such kind                  $500,000       $250,000
 16                                             $900,000       $450,000
 17                                             $400,000       $200,000
 Basic additional amount
 required  for  any  one
 or  more  of  the above
 kinds of insurance                             $100,000       $ 50,000
 3(i), 3(ii), 6{1} or 12{2} - for each
 such kind                                      $100,000       $ 50,000
 22                                             $2,000,000     $1,000,000
 24                                             $400,000       $200,000
 26(B)                                          $200,000       $100,000
 26(A), 26(C) or 26(D) -
 for each such kind                             $600,000       $300,000
 27                                             $300,000       $150,000
 28                                             $2,000,000     $1,000,000
 30                                             $400,000       $200,000
 31                                             $100,000       $ 50,000
 32                                             $100,000       $ 50,000
 33                                             $100,000       $ 50,000
 34                                             $2,000,000     $1,000,000
   §  5.  This  act shall take effect on the thirtieth day after it shall
 have become a law.