Assembly Bill A8464

Signed By Governor
2011-2012 Legislative Session

Exempts large commercial insureds from certain rate and policy form approval requirements

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S5811 - 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

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2011-A8464 (ACTIVE) - Details

See Senate Version of this Bill:
S5811
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง6301, 6302, 6303, 2307, 2320, 2321 & 3110, Ins L

2011-A8464 (ACTIVE) - Summary

Exempts large commercial insureds from certain rate and policy form approval requirements.

2011-A8464 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8464

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 17, 2011
                               ___________

Introduced  by  M.  of  A.  MORELLE -- (at request of the New York State
  Insurance Department) -- read once and referred to  the  Committee  on
  Insurance

AN  ACT  to  amend  the insurance law, in relation to exempting insurers
  from certain rate and policy form approval requirements  with  respect
  to policies issued to large commercial insureds and from certain poli-
  cy  form  filing  and  approval  requirements  with respect to certain
  inland marine insurance policies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subsections  (a) and (b) of section 6301 of the insurance
law are amended to read as follows:
  (a) Notwithstanding any provision of this chapter, the  superintendent
shall,  pursuant to regulations promulgated by [him] THE SUPERINTENDENT,
permit exemption from filing requirements only with respect to rates and
policy forms, where applicable,  for  any  of  the  kinds  of  insurance
[authorized  to be written in this state] SPECIFIED IN SUBSECTION (B) OF
THIS SECTION.
  (b) [No] AN exemption pursuant  to  subsection  (a)  hereof  shall  be
permitted  in relation to the kinds of insurance set forth in [paragraph
one, two, three, fifteen,  eighteen  or  twenty-three]  PARAGRAPHS  FOUR
THROUGH FOURTEEN, SIXTEEN, SEVENTEEN, NINETEEN THROUGH TWENTY-TWO, TWEN-
TY-SEVEN  AND TWENTY-NINE, of subsection (a) of section one thousand one
hundred thirteen of this chapter[, or to]  AND  SUCH  INSURANCE  AS  THE
SUPERINTENDENT DEEMS TO BE SUBSTANTIALLY SIMILAR TO ONE OF THE FOREGOING
KINDS,  EXCEPT  NO  EXEMPTION  MAY  BE  PERMITTED  FOR: (1) coverage for
personal lines to natural persons for non-business purposes; (2)  INSUR-
ANCE  SPECIFIED  IN SUBSECTION (B) OF SECTION TWO THOUSAND THREE HUNDRED
FIVE OF THIS CHAPTER, EXCEPT MEDICAL MALPRACTICE INSURANCE,  OR  SECTION
TWO  THOUSAND  THREE HUNDRED TWENTY-EIGHT OF THIS CHAPTER; (3) INSURANCE
REQUIRED TO SATISFY ANY FINANCIAL  RESPONSIBILITY  REQUIREMENT  OF  THIS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13191-01-1
              

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