New York A 2245: Enacts the New York small contractor relief act

Bill Text

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A02245 Summary:

BILL NOA02245B

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SAME ASSAME AS S02130-A

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SPONSORBraunstein

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COSPNSRSeawright, Tapia, Bichotte Hermelyn, Weprin

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MLTSPNSR

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Add Art 70-A 7013 - 7018, amd 7002, Ins L; amd 76, Work Comp L

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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; makes related provisions.

Go to top A02245 Actions:

BILL NOA02245B

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01/15/2025referred to insurance

04/22/2025amend (t) and recommit to insurance

04/22/2025print number 2245a

05/21/2025amend and recommit to insurance

05/21/2025print number 2245b

01/07/2026referred to insurance

Go to topA02245 Committee&nbspVotes:

Go to topA02245 Floor&nbspVotes:

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

Go to topA02245 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2245--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 15, 2025
 ___________

 Introduced by M. of A. BRAUNSTEIN, SEAWRIGHT, TAPIA, BICHOTTE HERMELYN,
 WEPRIN -- read once and referred to the Committee on Insurance --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the insurance law, in relation to establishing the New
 York small contractor relief act; to amend the workers' compensation
 law, in relation to the payment of certain benefits; provides for the
 repeal of certain provisions of law upon expiration thereof; and
 making an appropriation therefor

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York small contractor relief act".
 3 § 2. The legislature hereby declares that the market for insurance for
 4 small construction contractors and certified minority and women-owned
 5 construction contractors has been challenged both by high insurance
 6 rates and a lack of market capacity. These challenges are acute for
 7 small construction contractors, and minority and women-owned
 8 construction contractors working for public owners. This act shall
 9 provide for a private market insurance solution for small construction
 10 contractors, and minority and women-owned construction contractors
 11 through the creation of a captive insurance company.
 12 § 3. The insurance law is amended by adding a new article 70-A to read
 13 as follows:
 14 ARTICLE 70-A
 15 NEW YORK SMALL CONTRACTOR RELIEF ACT
 16 Section 7013. Definitions.
 17 7014. New York small contractor captive insurance company.
 18 7015. Reinsurance and retrocession reinsurance.
 19 7016. No refusal.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04020-05-5

 A. 2245--B 2

 1 7017. Risk management program.
 2 7018. Prevailing wage requirement.
 3 § 7013. Definitions. For the purpose of this article, the following
 4 terms shall have the following meanings:
 5 (a) "Liability insurance" shall mean personal injury liability insur-
 6 ance and property damage liability insurance, as such terms are defined
 7 in paragraphs thirteen and fourteen of subsection (a) of section one
 8 thousand one hundred thirteen of this chapter, and shall include any
 9 type of insurance deemed by the superintendent of financial services to
 10 be substantially similar thereto pursuant to paragraph thirty-four of
 11 subsection (a) of such section.
 12 (b) "Small construction contractor" shall mean any contractor which
 13 (i) is resident in this state; (ii) is independently owned and operated;
 14 (iii) is