Bill > A03819

This bill amends the New York insurance law by extending and modifying an existing exemption for certain domestic property/casualty insurance companies and reciprocal insurers from specific filing requirements. The key changes include extending the exemption deadline from June 30, 2025 to June 30, 2030, and removing a previous restriction about reinsurance premiums. To qualify for the exemption, an insurance company must: maintain a surplus to policyholders at least twice the minimum required for their authorized insurance types, have at least 90% of their total direct premiums come from medical malpractice insurance, and write 90% of their total direct premiums within New York state. These modifications provide continued regulatory flexibility for medical malpractice insurers operating in New York, allowing them to have reduced administrative burdens while maintaining specific financial and operational criteria. The bill takes effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3819