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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to standards for claims-made coverage purchased by psychiatrists
Purpose
Allows issuers of insurance policies for psychiatrists to offer a policy that provides for non-renewable aggregate liability limits equal to at least one hundred percent of the policy's annual aggregate liability limit.
Summary of provisions
Section one of the bill would prohibit any regulation issued by the superintendent relating to claims-made policies for psychiatrist from precluding non-renewable aggregate liability limits equal to at least one hundred percent of the policy's annual aggregate liability limits. Section two of the bill is the effective date.
Existing law
Currently, such a policy is not allowed under Department Regulations.
Justification
This legislation would bring New York in line with other state laws and regulations relating to claims-made liability coverage for retired or permanently disabled psychiatrist and would allow additional carriers to enter into the New York market.
Legislative history
S.8352 of 2006 (same as) passed Senate. 2007-08: S.2769/A.4457 - Referred to Insurance.
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to policies issued or renewed on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.