S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3513
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 11, 2015
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Insurance
       AN ACT to amend the insurance law, in  relation  to  extending  authori-
         zation for certain exemptions from filing requirements
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur-
    2  ance law, as amended by section 9 of part B of chapter 78 of the laws of
    3  2014, is amended to read as follows:
    4    (3) until December thirty-first, two thousand  [sixteen]  EIGHTEEN,  a
    5  domestic property/casualty insurance company that maintains at all times
    6  a  surplus  to  policyholders  of  at least twice the minimum surplus to
    7  policyholders required to be maintained for the kinds of insurance  that
    8  it is authorized to write in this state, or an insurer licensed pursuant
    9  to  article sixty-one of this chapter as a reciprocal insurer that main-
   10  tains at all times a surplus to policyholders of at  least  the  minimum
   11  surplus  to  policyholders  required  to  be maintained for the kinds of
   12  insurance that it is authorized to write in this  state,  provided  that
   13  the  domestic property/casualty insurance company or reciprocal insurer:
   14  (A) has total direct premiums  comprised  of  at  least  ninety  percent
   15  medical  malpractice  insurance;  (B) assumes reinsurance premiums in an
   16  amount that is less than five percent of total direct premiums  written;
   17  and  (C)  writes  ninety  percent  of  its total direct premiums in this
   18  state.
   19    S 2. Paragraph 3 of subsection (a) of section 6303  of  the  insurance
   20  law, as amended by chapter 75 of the laws of 2013, is amended to read as
   21  follows:
   22    (3)  [until  June  thirtieth, two thousand fifteen,] the policy, other
   23  than a medical malpractice  insurance  policy,  is  issued  to  a  large
   24  commercial  insured  that  employs  or retains a special risk manager to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07120-01-5
       S. 3513                             2
    1  assist in the negotiation and purchase of a policy exempted  under  this
    2  article, provided, however, that:
    3    (A)(i) the special risk manager is not employed by the insurer issuing
    4  the policy or any person in the insurer's holding company system; and
    5    (ii)  the special risk manager is licensed as an insurance producer in
    6  this state pursuant  to  article  twenty-one  of  this  chapter,  unless
    7  exempted from licensing therein; and
    8    (B)  a  policy form that has not been previously filed with the super-
    9  intendent shall be  filed  with  the  superintendent  for  informational
   10  purposes  within [three] FIFTEEN business days after first delivery of a
   11  policy using such form, but no later than sixty calendar days after  the
   12  inception date of such policy.
   13    S 3. This act shall take effect immediately.