Bill > A01395

This bill amends the insurance law to establish requirements for group insurance policies covering for-hire motor vehicles, which are defined as motor vehicles engaged in the business of carrying or transporting passengers for hire, with a seating capacity of at least eight passengers. The key provisions include: 1) allowing authorized insurers to issue group policies to sponsoring entities like associations or companies that own for-hire vehicles; 2) requiring group policies to provide coverage that meets the state's financial responsibility requirements; 3) allowing group policies to offer coverage above the minimum limits and additional coverage options; 4) specifying requirements for issuing certificates of insurance to individual group members; 5) establishing rules for cancellation, non-renewal, and termination of group policies and individual certificates; and 6) authorizing the superintendent to issue regulations regarding group policies.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A1395