New York A 6060: Permits a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers

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A06060 Summary:

BILL NOA06060 

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SAME ASSAME AS S05310

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SPONSORHunter

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COSPNSR

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MLTSPNSR

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Amd §2118, Ins L

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Permits a waiver of the diligent effort requirement in limited circumstances for certain insurance coverage to be placed by licensed excess line brokers with unauthorized insurers where a retail producing insurance broker seeks to procure or place commercial lines insurance through an unaffiliated wholesale excess line insurance broker.

Go to top A06060 Actions:

BILL NOA06060 

&nbsp

02/26/2025referred to insurance

01/07/2026referred to insurance

Go to topA06060 Committee&nbspVotes:

Go to topA06060 Floor&nbspVotes:

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

Go to topA06060 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6060

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 26, 2025
 ___________

 Introduced by M. of A. HUNTER -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to permitting a waiver of
 the diligent effort requirement in limited circumstances for certain
 insurance coverage to be placed by licensed excess line brokers with
 unauthorized insurers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subparagraph (A) of paragraph 3 of subsection (b) of
 2 section 2118 of the insurance law, as amended by section 12 of part I of
 3 chapter 61 of the laws of 2011, is amended to read as follows:
 4 (A) Except as provided in subparagraph (F) of this paragraph and
 5 subject to subparagraph (C) of this paragraph, submission of insurance
 6 documents to the excess line association shall be accompanied by a
 7 statement subscribed to, and affirmed by, the licensee or sublicensee as
 8 true under the penalties of perjury that, after diligent effort, the
 9 full amount of insurance required could not be procured, from authorized
 10 insurers, each of which is authorized to write insurance of the kind
 11 requested and which the licensee has reason to believe might consider
 12 writing the type of coverage or class of insurance involved, and further
 13 showing that the amount of insurance procured from an unauthorized
 14 insurer is only the excess over the amount procurable from an authorized
 15 insurer. The licensee, however, shall be excused from affirming that a
 16 diligent effort, as defined above, was made to procure the coverage from
 17 authorized insurers if the licensee's affidavit is accompanied by the
 18 affidavit of another broker involved in the placement affirming as true
 19 under the penalties of perjury that, after diligent effort by the
 20 affirming broker, the required insurance could not be procured from an
 21 authorized insurer which the affirming broker had reason to believe
 22 might consider writing the type of coverage or class of insurance
 23 involved. The licensee and the affirming broker shall be excused from

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09627-01-5

 A. 6060 2

 1 affirming that a diligent effort was made if the superintendent deter-
 2 mines, pursuant to paragraph four of this subsection, that no declina-
 3 tions are required. Notwithstanding any provision to the contrary
 4 contained in this chapter, where a retail producing insurance
 5 broker seeks to procure or place commercial lines insurance through
 6 an unaffiliated wholesale excess line insurance broker, both the
 7 retail producing insurance broker and the wholesale excess line insur-
 8 ance broker shall be excused from making any diligent effort otherwise
 9 required by this article.
 10 § 2. Section 2118 of the insurance law is amended by adding a new
 11 subsection (g) to read as follows:
 12 (g) (1) As used in this section:
 13 (A) "retail producing insurance broker" means an insurance broker
 14 licensee who directly deals with an insured;
 15 (B) "wholesale excess line insurance broker" means the licensed excess
 16 line insurance broker from whom or through whom the retail insurance
 17 broker has procured excess line coverage on behalf of the insured; and
 18 (C) "commercial lines insurance" means any policy of insurance not