Bill > A01473

This bill enacts the Small Insurer Protection Act, which prohibits the filing of an application for an order of rehabilitation or liquidation of a "small insurer" (a domestic property/casualty insurance company with annual net direct written premiums not exceeding $25 million, at least 75% of which are from commercial automobile liability business) on certain grounds, unless the order is based on: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) the company's annual or quarterly financial statements showing that its admitted assets do not exceed its liabilities and surplus to policyholders, and the company does not maintain adequate reserves as determined by its independent loss reserve specialist or appointed actuary. The bill aims to protect small insurance companies and encourage new entrants and competition in the insurance market, which will benefit policyholders and the public.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/A1473