Bill > S06084

This bill establishes a captive insurance program specifically for commuter vans in New York, requiring the state superintendent of insurance to implement a comprehensive insurance framework. The program will involve identifying and licensing one or more captive insurance companies to provide insurance coverage for commuter vans that transport passengers for hire. The superintendent must develop specific standards, including mechanisms for determining which commuter vans are eligible to participate in the program and methods for monitoring the performance of the captive insurance companies in delivering affordable insurance coverage. The bill defines "commuter van" by referencing the existing definition in section 19-502 of the New York City administrative code, which ensures a precise and established understanding of the term. A captive insurance program is a unique insurance arrangement where the insurance company is wholly owned by the businesses or group it insures, potentially allowing for more tailored and cost-effective coverage. The bill will go into effect 90 days after it becomes law, providing time for implementation and preparation.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6084