S T A T E O F N E W Y O R K
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3513--A
Cal. No. 323
2015-2016 Regular Sessions
I N S E N A T E
February 11, 2015
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Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- reported
favorably from said committee, ordered to first and second report,
ordered to a third reading, amended and ordered reprinted, retaining
its place in the order of third reading
AN ACT to amend the insurance law, in relation to extending 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 section 9 of part B of chapter 78 of the laws of
3 2014, is amended to read as follows:
4 (3) until December thirty-first, two thousand [sixteen] EIGHTEEN, a
5 domestic property/casualty insurance company that maintains at all times
6 a surplus to policyholders of at least twice the minimum surplus to
7 policyholders required to be maintained for the kinds of insurance that
8 it is authorized to write in this state, or an insurer licensed pursuant
9 to article sixty-one of this chapter as a reciprocal insurer that main-
10 tains at all times a surplus to policyholders of at least the minimum
11 surplus to policyholders required to be maintained for the kinds of
12 insurance that it is authorized to write in this state, provided that
13 the domestic property/casualty insurance company or reciprocal insurer:
14 (A) has total direct premiums comprised of at least ninety percent
15 medical malpractice insurance; (B) assumes reinsurance premiums in an
16 amount that is less than five percent of total direct premiums written;
17 and (C) writes ninety percent of its total direct premiums in this
18 state.
19 S 2. The opening paragraph of paragraph 3 of subsection (a) of section
20 6303 of the insurance law, as amended by chapter 75 of the laws of 2013,
21 is amended to read as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07120-02-5
S. 3513--A 2
1 until June thirtieth, two thousand [fifteen] NINETEEN, the policy,
2 other than a medical malpractice insurance policy, is issued to a large
3 commercial insured that employs or retains a special risk manager to
4 assist in the negotiation and purchase of a policy exempted under this
5 article, provided, however, that:
6 S 3. This act shall take effect immediately.