Bill > S04964

This bill modifies an existing section of New York insurance law regarding excess line insurance, which is insurance obtained from insurers not licensed in the state. Specifically, the bill removes the requirement for medical malpractice insurance for general hospitals, physicians, and dentists to obtain a declination (formal rejection) from state insurance associations before seeking coverage from an unauthorized insurer. The bill maintains existing requirements that when an affirming broker places insurance with an unauthorized insurer, they must provide written notice to the insured detailing key information, such as that the insurer is not authorized to do business in New York, will not be covered by state insolvency funds, and may not be subject to all state insurance regulations. This change appears to provide more flexibility for medical professionals and institutions in obtaining malpractice insurance by reducing administrative barriers to accessing coverage from non-standard insurers. The bill would take effect immediately upon passage.

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https://www.nysenate.gov/legislation/bills/2025/S4964