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Assembly Bill A8212

2023-2024 Legislative Session

Relates to extending the exemption from filing requirements only with respect to rates and policy forms to out of state businesses

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Archive: Last Bill Status - In Assembly Committee

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2023-A8212 (ACTIVE) - Details

See Senate Version of this Bill:
S1469
Current Committee:
Assembly Rules
Law Section:
Insurance Law
Laws Affected:
Amd §6303, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: S4654
2019-2020: S3736
2021-2022: S3563
2025-2026: A3888, S4960

2023-A8212 (ACTIVE) - Summary

Relates to extending the exemption from filing requirements only with respect to rates and policy forms to businesses underwritten and transacted from an office outside this state.

2023-A8212 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8212
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 27, 2023
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN  ACT to amend the insurance law, in relation to exemption from filing
   requirements only with respect to rates and policy forms
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subsection  (a)  of section 6303 of the insurance law, as
 amended by chapter 490 of the laws of 2011, paragraph 3  as  amended  by
 chapter  75 of the laws of 2013 and the opening paragraph of paragraph 3
 as amended by chapter 438 of the laws of 2018, is  amended  to  read  as
 follows:
   (a)  The  exemption that may be granted pursuant to this article shall
 apply only if [the business  is  underwritten  and  transacted  from  an
 office within this state; and]:
   (1) the risk, as defined in regulations of the superintendent, produc-
 es a minimum annual premium in excess of one hundred thousand dollars or
 such higher amount as the superintendent may prescribe by regulation;
   (2) the coverage is for a risk or class of risks which is of an unusu-
 al nature, a high loss hazard, or difficult to place, pursuant to a list
 promulgated or amended by the superintendent; or
   (3) until June thirtieth, two thousand twenty-three, the policy, other
 than  a  medical  malpractice  insurance  policy,  is  issued to a large
 commercial insured that employs or retains a  special  risk  manager  to
 assist  in  the negotiation and purchase of a policy exempted under this
 article, provided, however, that:
   (A)(i) the special risk manager is not employed by the insurer issuing
 the policy or any person in the insurer's holding company system; and
   (ii) the special risk manager is licensed as an insurance producer  in
 this  state  pursuant  to  article  twenty-one  of  this chapter, unless
 exempted from licensing therein; and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05305-01-3
 A. 8212                             2

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