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A5129Assembly2019-2020 Session

Extend Owner Insurance Programs

Official title

“Extends provisions relating to owner controlled insurance programs”

Sponsor Steven CymbrowitzAD-45+2 co-sponsorsAffects Finance
Status
In Assembly Committee
Insurance
Impact
4/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Insurance

What's happening

This bill expands owner controlled insurance programs to include bridge, tunnel, and omnibus facility construction projects in New York.

Why it matters

  1. Expanding owner controlled insurance programs (OCIPs) to include bridge, tunnel, and omnibus facility projects could lead to lower insurance costs and more streamlined risk management. for these types of large infrastructure projects, potentially resulting in taxpayer savings and more efficient project delivery.

  2. Public entities and authorities in New York would have more flexibility to manage and insure major transportation infrastructure projects under a single policy. , which can reduce administrative burdens and provide more consistent coverage than multiple contractor-held policies.

  3. The inclusion of these additional project types may encourage greater investment in critical infrastructure. , as insurance requirements are a major factor in project feasibility and cost, potentially accelerating much-needed upgrades or new construction for transportation networks.

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Who cares

Headline styles

Extend Owner Insurance Programs

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Steven Cymbrowitz

Assembly Member · Assembly District 45

History

  1. Referred to insurance
  2. Referred to insurance

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

5129

2019-2020 Regular Sessions

IN ASSEMBLY

February 7, 2019

Introduced by M. of A. CYMBROWITZ, COOK, PERRY -- Multi-Sponsored by -- M. of A. JAFFEE, RIVERA -- read once and referred to the Committee on Insurance

AN ACT to amend the insurance law, in relation to extending owner controlled insurance programs in certain instances

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subparagraph (B) of paragraph 2 of subsection (a) of section 2504 of the insurance law is amended to read as follows:

(B) the city of New York, a public corporation or a public authority, in connection with the construction of electrical generating and transmission facilities or construction, extensions and additions of light rail or heavy rail rapid transit and commuter railroads, or bridge, tunnel or omnibus facilities.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD09289-01-9

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.