Bill > S08343

This bill extends an existing exemption for certain domestic property/casualty insurance companies and reciprocal insurers from regulatory requirements that would normally require them to obtain prior approval for their insurance rates and forms. Specifically, the bill extends the current exemption until June 30, 2027 (instead of the previous expiration date of June 30, 2025), for insurance companies that meet specific criteria: they must maintain a surplus to policyholders at least twice the minimum required for their authorized insurance types, have at least 90% of their total direct premiums 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. This extension allows these specialized insurance companies to continue operating with reduced regulatory oversight, potentially providing more flexibility in their insurance offerings while maintaining financial stability requirements.

https://www.nysenate.gov/legislation/bills/2025/S8343