Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 30, 2023 |
signed chap.158 |
Jun 26, 2023 |
delivered to governor |
May 31, 2023 |
returned to assembly passed senate 3rd reading cal.1191 substituted for s7103 |
May 31, 2023 |
substituted by a7291 |
May 24, 2023 |
advanced to third reading |
May 23, 2023 |
2nd report cal. |
May 22, 2023 |
1st report cal.1191 |
May 18, 2023 |
referred to insurance |
Senate Bill S7103
Signed By Governor2023-2024 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Current Bill Status Via A7291 - 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
2023-S7103 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7291
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§6302 & 6303, Ins L
2023-S7103 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7103 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to extending authori- zation for certain exemptions from filing requirements PURPOSE: To extend certain exemptions from regulatory requirements necessitating prior approval of rates and forms for large, commercial insureds and special risks and to make changes to certain notice requirements. SUMMARY OF PROVISIONS: Section 1 of the bill amends section 6302 (c)(3) of the insurance law to extend the minimum surplus to policyholder ratio required of medical malpractice insurers, from June 30, 2023 to June 30, 2025. Section 2 of the bill amends section 6303 (a)(3) of the insurance law to extend the current provision which permits certain qualified insurers to
2023-S7103 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7103 2023-2024 Regular Sessions I N S E N A T E May 18, 2023 ___________ Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to extending authori- zation for certain exemptions from filing requirements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur- ance law, as amended by section 1 of item TTT of subpart B of part XXX of chapter 58 of the laws of 2020, is amended to read as follows: (3) until June thirtieth, two thousand [twenty-three] TWENTY-FIVE, a domestic property/casualty insurance company that maintains at all times a surplus to policyholders of at least twice the minimum surplus to policyholders required to be maintained for the kinds of insurance that it is authorized to write in this state, or an insurer licensed pursuant to article sixty-one of this chapter as a reciprocal insurer that main- tains at all times a surplus to policyholders of at least the minimum surplus to policyholders required to be maintained for the kinds of insurance that it is authorized to write in this state, provided that the domestic property/casualty insurance company or reciprocal insurer: (A) has total direct premiums comprised of at least ninety percent medical malpractice insurance; (B) assumes reinsurance premiums in an amount that is less than five percent of total direct premiums written; and (C) writes ninety percent of its total direct premiums in this state. § 2. The opening paragraph of paragraph 3 of subsection (a) of section 6303 of the insurance law, as amended by chapter 438 of the laws of 2018, is amended to read as follows: until June thirtieth, two thousand [twenty-three] TWENTY-SEVEN, the policy, other than a medical malpractice insurance policy, is issued to a large commercial insured that employs or retains a special risk manag- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11476-01-3 S. 7103 2
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