Bill > S04960

This bill modifies an existing insurance law provision by removing the requirement that businesses must be underwritten and transacted from an office within New York state to qualify for certain regulatory exemptions. Instead, the bill maintains three key conditions for exemption: (1) the risk must produce a minimum annual premium over $100,000 (or another amount set by the superintendent), (2) the coverage must be for a high-risk, unusual, or difficult-to-place risk type, or (3) until June 30, 2027, the policy must be issued to a large commercial insured that employs a special risk manager who meets specific qualifications. Specifically, the risk manager cannot be employed by the insurer, must be licensed as an insurance producer in New York (or exempted from licensing), and any new policy form must be filed with the superintendent within three business days of first delivery and no later than 60 calendar days after the policy's inception date. The bill essentially expands the geographical flexibility for insurers seeking exemption from certain filing requirements while maintaining consumer protection standards.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S4960