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Who cares
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Sponsors
No co-sponsors yet.
History
- 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 limiting fees charged for the issuance of a certificate of additional insureds
Purpose or general idea of bill
Authorizes the Superintendent of Insurance to limit the fees chargeable by an insurance company for the issuing of certificates of additional insureds.
Summary of specific provisions
Section 1. The insurance law is amended by adding a new section 342 to read as follows:
342. Fees for issuance of certificates of additional insureds. The superintendent is authorized to limit fees chargeable by an insurance company or agents thereof for issuing certificates of additional insureds. Such costs shall be rationally related to the cost of creating such certificate and any special costs, to be determined by the superintendent, for the particular party named as the additional insured.
Section 2. Effective date.
Justification
Businesses that provide contract work are often required to obtain certificates of additional insured for those they perform work for. The fees charged by insurance companies for the issuance of these certificates can be a significant cost to those small businesses that routinely are required to obtain them.
Legislative history
None.
Fiscal implications
Minimal to State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.