Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance |
Jan 13, 2023 |
referred to insurance |
Assembly Bill A1231
2023-2024 Legislative Session
Sponsored By
LUNSFORD
Current Bill Status - In Assembly Committee
- 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
2023-A1231 (ACTIVE) - Details
2023-A1231 (ACTIVE) - Summary
Relates to contractual liability insurance policies; requires reimbursement to the provider for all obligations incurred by a provider under the terms of a service contract, or in the event of the provider's nonperformance, provide or pay on behalf of the provider all covered contractual obligations incurred by the provider.
2023-A1231 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1231 2023-2024 Regular Sessions I N A S S E M B L Y January 13, 2023 ___________ Introduced by M. of A. LUNSFORD -- read once and referred to the Commit- tee on Insurance AN ACT to amend the insurance law, in relation to contractual liability insurance policies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (c) of section 7903 of the insur- ance law, as amended by chapter 578 of the laws of 2000, is amended to read as follows: (1) [insure the performance of all its obligations under all service contracts pursuant to a] PURCHASE ONE OR MORE service contract reimbursement insurance [policy] POLICIES issued by [an insurer] ONE OR MORE INSURERS authorized to issue service contract reimbursement insur- ance in this state or procured by an excess line licensee pursuant to section two thousand one hundred eighteen of this chapter. EACH REIMBURSEMENT INSURANCE POLICY SHALL OBLIGATE THE INSURER THAT ISSUED SUCH POLICY TO EITHER PROVIDE REIMBURSEMENT TO THE PROVIDER FOR ALL OBLIGATIONS INCURRED BY A PROVIDER UNDER THE TERMS OF A SERVICE CONTRACT, OR IN THE EVENT OF THE PROVIDER'S NONPERFORMANCE, PROVIDE OR PAY ON BEHALF OF THE PROVIDER ALL COVERED CONTRACTUAL OBLIGATIONS INCURRED BY THE PROVIDER. In the event the provider fails to insure its obligations pursuant to this paragraph or in the event that such insur- ance shall lapse or be terminated, the provider shall comply with either paragraph two or three of this subsection within forty-five days of the insurance lapse or termination; § 2. Subsection (b) of section 7905 of the insurance law, as added by chapter 614 of the laws of 1997, is amended to read as follows: (b) Service contracts insured under [a] ONE OR MORE service contract reimbursement insurance [policy] POLICIES pursuant to [paragarph] PARA- GRAPH one of subsection (c) of section seven thousand nine hundred three of this article shall contain a statement in substantially the following EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01943-01-3
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