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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Delivered to assembly
- Passed senateVote 57–0
- Ordered to third reading cal.1011
- Committee discharged and committed to rules
- 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 activities of alien insurance brokers with respect to property/casualty insurance
In Assembly Committee · Insurance · Sponsor Kevin Cahill
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 permitting insurance brokers to engage in certain activities with respect to property and casualty insurance in New York
Purpose
Enact an amendment to Chapter 64 of the Laws of 2015 to expand the authorization of a licensed insurance broker to engage in certain activities regarding issuance of life or health insurance policies or contracts to also include activities leading to issuance of property and casualty insurance policies or contracts
Summary of provisions
Section 1 amends Insurance Law section 2117 (k) to clarify that a licensed insurance broker is permitted, under certain specified conditions, to: 1) provide information to a multinational entity resident outside the United States with respect to a property/casualty insurance policy or contract issued or delivered, or that will be issued or delivered, by an alien insurer; 2) meet and discuss property/casualty insurance needs with the multinational entity; 3) refer the multinational entity to the alien insurer and provide information to the multinational entity about the alien insurer; 4) respond to requests for information by representatives of the multinational entity concerning quotes and any other specific terms and conditions of such a policy or contract being negotiated in the jurisdiction where the policy or contract will be issued or delivered by the alien insurer; and 5) provide information concerning renewals of existing such policies or contracts issued by the alien insurer.
Section 2 is the effective date.
Justification
New York amended its insurance law last year, with enactment of Chapter 64 of 2015, to maintain and enhance New York State's status as a hub of international business by authorizing a licensed insurance broker to engage in certain specified activities in New York related to group life, group annuity, or group accident and health insurance policies or contracts provided that an alien insurer issued or delivered the policy or contract to a policyholder or proposed policyholder that is a multinational entity outside the United States. This bill is a chapter amendment to this law that would clarify that property/casualty insurance is also an authorized type of insurance that a licensed broker could bring to an alien insurer for placement with a multinational entity resident outside the U.S.
This measure would further ensure adequate protection for policyholders while allowing property and casualty insurers to continue to meet the needs of their New York customers with a global presence, thereby maintaining New York's place as a vital center of international business.
Legislative history
New bill.
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.