Bill > A03888

This bill modifies an existing insurance law provision by removing the requirement that insurance business must be underwritten and transacted from an office within New York state. Instead, the bill maintains existing exemption criteria for insurance filings, which include policies for risks that: (1) generate a minimum annual premium over $100,000, (2) cover unusual, high-risk, or difficult-to-place risks as defined by the superintendent, or (3) are issued to large commercial insureds with a special risk manager who meets certain qualifications. The bill specifically allows for policies to be underwritten from offices outside of New York while still maintaining regulatory oversight. For policies not previously filed, insurers must still submit policy forms to the superintendent within three business days of first delivery and no later than 60 calendar days after the policy's inception date. This change effectively broadens the geographic flexibility for insurance companies while preserving key regulatory protections, and the amendment is set to take effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3888