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NY A05294
NY A05294Establishes 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
03/07/2023
03/07/2023
In Committee
06/08/2023
06/08/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
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 will be overseen by the Superintendent of Insurance and will include identifying and licensing captive insurance companies to provide affordable coverage to eligible commuter vans. The bill also establishes the Commuter Van Trust Fund, which will consist of $11.25 million allocated from the state budget and will be used to pay for losses exceeding $250,000. The bill requires insurance companies designated by Empire State Development to issue policies with specific coverage limits and outlines the proportional risk sharing between the insurers and the Trust Fund over a 5-year period, after which the program's stability will be evaluated.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (27)
Khaleel Anderson (D)*,
George Alvarez (D),
Juan Ardila (D),
Rodneyse Bichotte Hermelyn (D),
Alex Bores (D),
Kenny Burgos (D),
Robert Carroll (D),
Monique Chandler-Waterman (D),
Vivian Cook (D),
Brian Cunningham (D),
Maritza Davila (D),
Manny De Los Santos (D),
Inez Dickens (D),
Harvey Epstein (D),
Eddie Gibbs (D),
Alicia Hyndman (D),
Chantel Jackson (D),
Ron Kim (D),
Steven Raga (D),
Karines Reyes (D),
Michaelle Solages (D),
Phara Souffrant Forrest (D),
Yudelka Tapia (D),
Al Taylor (D),
Latrice Walker (D),
David Weprin (D),
Stefani Zinerman (D),
Last Action
substituted by s4862 (on 06/09/2023)
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/A5294 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05294&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05294 |
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