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NY S04862
NY S04862Establishes a captive insurance program for commuter vans that are engaged in the business of carrying or transporting eight to twenty-four passengers for hire; establishes the commuter van trust fund.
summary
Introduced
02/16/2023
02/16/2023
In Committee
06/06/2023
06/06/2023
Crossed Over
06/09/2023
06/09/2023
Passed
12/12/2023
12/12/2023
Dead
Vetoed
12/22/2023
12/22/2023
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the insurance law, in relation to establishing a captive insurance program for commuter vans; and to amend the state finance law, in relation to establishing the commuter van trust fund
AI Summary
This bill establishes a captive insurance program for commuter vans that transport 8 to 24 passengers for hire. The program includes licensing captive insurance companies to provide affordable coverage to eligible commuter vans, and a Commuter Van Trust Fund is created to cover losses exceeding $250,000. The bill also directs the Empire State Development to designate insurance companies to issue policies for commuter van drivers, with the Trust Fund initially covering 80% of claims and gradually reducing its share over 5 years as the market stabilizes.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (6)
Leroy Comrie (D)*,
John Liu (D),
Zellnor Myrie (D),
James Sanders (D),
Toby Stavisky (D),
Lea Webb (D),
Last Action
VETOED MEMO.136 (on 12/22/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S4862 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S04862&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04862 |
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