Bill > A10594

This bill expands the types of vehicles that can be insured by risk retention groups, which are insurance companies owned by their policyholders and chartered in a state other than New York but registered with the New York superintendent of financial services under the federal Liability Risk Retention Act of 1986. Specifically, it allows risk retention groups to insure commuter vans, pre-arranged for-hire vehicles (which are vehicles used for pre-booked passenger transport, excluding high-volume services, luxury limousines, and ride-sharing vehicles), and accessible vehicles (vehicles meeting Americans with Disabilities Act requirements for transporting individuals with mobility aids). The bill also clarifies definitions for these vehicle types and amends existing laws to reflect these changes, including provisions related to insurance requirements for vehicles carrying passengers for hire and reporting requirements for risk retention groups that have been examined by other states.