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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A6131A
- Amended on third reading 3513a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.323
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to extending authorization for certain exemptions from filing requirements
Signed by Governor · Sponsor Phil Steck
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3513A
Title of bill
An act to amend the insurance law, in relation to extending authorization for certain exemptions from filing requirements
Purpose
To extend certain exemptions from regulatory requirements necessitating prior approval of rates and forms for large, commercial insureds and special risks and to make changes to certain notice requirements.
Summary of provisions
Section 1 of the bill amends section 6302 (c)(3) of the insurance law to extend the minimum surplus to policyholder ratio required of medical malpractice insurers, from December 31, 2016 to December 31, 2018.
Section 2 of the bill amends section 6303 (a)(3) of the insurance law to extend the current provision which permits certain qualified insurers to write insurance without the Department of Financial Services' prior approval of rates and forms, from June 30, 2015 to June 30, 2019.
Section 3 is the effective date.
Existing law
The current law expires on June 30, 2015 and December 31, 2016.
Justification
In 2011, legislation was enacted which modernized and streamlined the regulation of commercial insurance by expanding the types of insurance which may be written without the Department's prior approval of rates and forms when sold to large commercial policyholders. This law has proven successful in ensuring that commercial policyholders have maximum flexibility to create policies that are tailored to their needs, as they must respond rapidly to competitive forces, the economy and the needs of their customers. For this reason, this legislation seeks to extend these provisions,
Legislative history
S.4172 of 2014
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.