Bill > A08413

This bill extends an existing exemption for certain domestic property/casualty insurance companies and reciprocal insurers from regulatory requirements that normally require prior approval of insurance rates and forms. Specifically, the bill changes the expiration date of this exemption from June 30, 2025 to June 30, 2027. To qualify for the exemption, an insurance company must meet several specific criteria: maintain a surplus to policyholders at least twice the minimum required for their type of insurance, have at least 90% of their total direct premiums coming from medical malpractice insurance, assume less than 5% of their premiums through reinsurance, and write 90% of their total direct premiums within New York state. By extending this exemption, the bill provides continued regulatory flexibility for large commercial insurance providers that specialize in medical malpractice insurance, potentially helping to maintain stability in this specific insurance market segment. The bill takes effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8413