New York S 5329: Expands authorization for certain exemptions from filing requirements

Bill Text

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S05329 Summary:

BILL NOS05329 

&nbsp

SAME ASSAME AS A03819

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §6302, Ins L

&nbsp

Expands authorization for certain exemptions from filing requirements.

Go to top S05329 Actions:

BILL NOS05329 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05329 Committee&nbspVotes:

Go to topS05329 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05329 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5329

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 expanding 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:

 1 Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
 2 ance law, as amended by chapter 158 of the laws of 2023, is amended to
 3 read as follows:
 4 (3) until June thirtieth, two thousand [twenty-five] thirty, a domes-
 5 tic property/casualty insurance company that maintains at all times a
 6 surplus to policyholders of at least twice the minimum surplus to poli-
 7 cyholders required to be maintained for the kinds of insurance that it
 8 is authorized to write in this state, or an insurer licensed pursuant to
 9 article sixty-one of this chapter as a reciprocal insurer that maintains
 10 at all times a surplus to policyholders of at least the minimum surplus
 11 to policyholders required to be maintained for the kinds of insurance
 12 that it is authorized to write in this state, provided that the domestic
 13 property/casualty insurance company or reciprocal insurer: (A) has
 14 total direct premiums comprised of at least ninety percent medical malp-
 15 ractice insurance; [(B) assumes reinsurance premiums in an amount that
 16 is less than five percent of total direct premiums written;] and [(C)]
 17 (B) writes ninety percent of its total direct premiums in this state.
 18 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07822-01-5

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