Senate Bill S7975

2023-2024 Legislative Session

Enacts the New York small contractor relief act

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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

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2023-S7975 (ACTIVE) - Details

See Assembly Version of this Bill:
A7317
Current Committee:
Senate Finance
Law Section:
Appropriations
Laws Affected:
Add Art 70-A §§7013 - 7018, Ins L

2023-S7975 (ACTIVE) - Summary

Enacts the "New York small contractor relief act"; defines terms; authorizes a small contractor captive insurance company to purchase, and the New York state insurance fund shall be authorized and directed to provide, reinsurance and retrocession reinsurance for such captive insurance company, on either a quota share arrangement or facultative arrangement at a rate to be determined by the board of the fund; provides that a small contractor captive insurance company organized pursuant to this article shall not refuse to issue, renew or cancel a policy of any qualified small construction contractor based upon geographic location or line of business engaged in by such contractor

2023-S7975 (ACTIVE) - Sponsor Memo

2023-S7975 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7975
 
                             I N  S E N A T E
 
                              January 4, 2024
                                ___________
 
 Introduced  by  Sen.  RAMOS  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the insurance law, in relation to establishing  the  New
   York small contractor relief act; provides for the repeal upon expira-
   tion thereof; and making an appropriation therefor
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York small contractor relief act".
   § 2. The legislature hereby declares that the market for insurance for
 small  construction  contractors  and certified minority and women-owned
 construction contractors has been  challenged  both  by  high  insurance
 rates  and  a  lack  of  market capacity. These challenges are acute for
 small   construction   contractors,   and   minority   and   women-owned
 construction  contractors  working  for  public  owners.  This act shall
 provide for a private market insurance solution for  small  construction
 contractors,  and  minority  and  women-owned  construction  contractors
 through the creation of a captive insurance company.
   § 3. The insurance law is amended by adding a new article 70-A to read
 as follows:
                               ARTICLE 70-A
                   NEW YORK SMALL CONTRACTOR RELIEF ACT
 SECTION 7013. DEFINITIONS.
         7014. NEW YORK SMALL CONTRACTOR CAPTIVE INSURANCE COMPANY.
         7015. REINSURANCE AND RETROCESSION REINSURANCE.
         7016. NO REFUSAL.
         7017. RISK MANAGEMENT PROGRAM.
         7018. PREVAILING WAGE REQUIREMENT.
   § 7013. DEFINITIONS. FOR THE PURPOSE OF THIS  ARTICLE,  THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "LIABILITY INSURANCE" SHALL MEAN PERSONAL INJURY LIABILITY INSUR-
 ANCE AND PROPERTY DAMAGE LIABILITY INSURANCE, AS SUCH TERMS ARE  DEFINED
 IN  PARAGRAPHS  THIRTEEN  AND  FOURTEEN OF SUBSECTION (A) OF SECTION ONE
 THOUSAND ONE HUNDRED THIRTEEN OF THIS CHAPTER,  AND  SHALL  INCLUDE  ANY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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