Assembly Bill A7237

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7237
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 21, 2025
                                ___________
 
 Introduced  by  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. Subsection (a) of section 1113  of  the  insurance  law  is
 amended by adding a new paragraph 36 to read as follows:
   (36)  "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 separate-
 ly  amended  by  chapters 369 and 569 of the laws of 2024, 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 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, thirty-three,  [and]
 thirty-four AND THIRTY-SIX of subsection (a) of section one thousand one
 hundred  thirteen of this chapter and in subsection (h) of this section,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10998-01-5
              

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 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  enumerated   in
 subsections (b) and (c) of section two thousand one hundred seventeen of
 this  article.  Such  license  may be suspended or revoked by the super-
 intendent whenever in the superintendent's judgment 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, as amended
 by chapter 369 of the laws of 2024, 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;
   business interruption insurance (34);
   REAL ESTATE VALUE ASSURANCE (36).
   § 4. Group A of table one of paragraph 1 of subsection (a) of  section
 4103  of  the  insurance  law,  as amended by chapter 369 of the laws of
 2024, 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
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 33                                             $100,000       $ 50,000
 34                                             $2,000,000     [$1,000,0000]
                                                               $1,000,000
 36                                             $2,000,000     $1,000,000
   §  5.  This  act shall take effect on the thirtieth day after it shall
 have become a law.