What's happening
This bill shortens the duration of certain catastrophic or reinsurance coverage provisions for small groups from nine years to six years.
Why it matters
Accelerates the expiration of special insurance provisions. , meaning small businesses and insurers will need to adjust their planning, contracts, and compliance timelines to a shorter six-year window rather than nine years.
May impact access to certain catastrophic or reinsurance products. for small groups, potentially leading to a gap or transition period sooner than previously anticipated, which could affect risk management strategies and premium stability for these groups.
Signals legislative intent to periodically reassess or update insurance regulations. affecting small groups, possibly in response to changing market conditions, cost concerns, or feedback from stakeholders about the effectiveness of such coverage rules.
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Who cares
Small groups covered by the affected insurance provisions
The bill would shorten the provisions’ duration from nine years to six years, despite its title describing an extension.
Insurers issuing catastrophic coverage to certain small groups
The bill would move up the repeal of the laws governing that coverage by three years.
Reinsurers providing coverage to certain small groups
The bill would give the affected reinsurance provisions a six-year lifespan rather than nine years.
Headline styles
Extend Small Group Coverage
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by S2043
- Advanced to third reading cal.296
- Reported
- 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.
Extend Small Group Insurance
Signed by Governor · Sponsor James L. Seward
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4947
2019-2020 Regular Sessions
IN ASSEMBLY
February 5, 2019
Introduced by M. of A. COOK -- read once and referred to the Committee on Insurance
AN ACT to amend chapter 589 of the laws of 2015, amending the insurance law relating to catastrophic or reinsurance coverage issued to certain small groups, in relation to the effectiveness thereof; and to amend chapter 588 of the laws of 2015, amending the insurance law relating to catastrophic or reinsurance coverage issued to certain small groups, in relation to the effectiveness thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 5 of chapter 589 of the laws of 2015, amending the insurance law relating to catastrophic or reinsurance coverage issued to certain small groups, as amended by a chapter of the laws of 2018 amending chapter 589 of the laws of 2015 relating to catastrophic or reinsurance coverage issued to certain small groups, as proposed in legislative bills numbers S. 8995 and A. 11014, is amended to read as follows:
§ 5. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2015 amending the insurance law relating to catastrophic or reinsurance coverage issued to certain small groups, as proposed in legislative bills numbers S.5928-A and A.8134-A, takes effect and shall be deemed repealed [nine] six years thereafter.
§ 2. Section 5 of chapter 588 of the laws of 2015, amending the insurance law relating to catastrophic or reinsurance coverage issued to certain small groups, as amended by a chapter of the laws of 2018 amending chapter 589 of the laws of 2015 relating to catastrophic or reinsurance coverage issued to certain small groups, as proposed in legislative bills numbers S. 8995 and A. 11014, is amended to read as follows:
§ 5. This act shall take effect immediately; and shall be deemed repealed [9] 6 years after it shall have become a law.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07032-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.