Bill > S05329

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 bill extends the exemption until June 30, 2030 (previously set to expire in 2025) for insurance companies that meet specific criteria. These criteria include maintaining a surplus to policyholders at least twice the minimum required for their authorized insurance types, having at least 90% of their total direct premiums comprised of medical malpractice insurance, and writing 90% of their total direct premiums in New York state. The bill removes a previous provision that limited reinsurance premiums to less than 5% of total direct premiums. By making these changes, the legislation provides continued regulatory flexibility for qualifying medical malpractice insurers operating in New York, helping to maintain stability in the state's medical malpractice insurance market.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5329