STATE OF NEW YORK ________________________________________________________________________ 7291 2023-2024 Regular Sessions IN ASSEMBLY May 17, 2023 ___________ Introduced by M. of A. STECK -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to extending authori- zation for certain exemptions from filing requirements The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 3 of subsection (c) of section 6302 of the insur- 2 ance law, as amended by section 1 of item TTT of subpart B of part XXX 3 of chapter 58 of the laws of 2020, is amended to read as follows: 4 (3) until June thirtieth, two thousand [twenty-three] twenty-five, a 5 domestic property/casualty insurance company that maintains at all times 6 a surplus to policyholders of at least twice the minimum surplus to 7 policyholders required to be maintained for the kinds of insurance that 8 it is authorized to write in this state, or an insurer licensed pursuant 9 to article sixty-one of this chapter as a reciprocal insurer that main- 10 tains at all times a surplus to policyholders of at least the minimum 11 surplus to policyholders required to be maintained for the kinds of 12 insurance that it is authorized to write in this state, provided that 13 the domestic property/casualty insurance company or reciprocal insurer: 14 (A) has total direct premiums comprised of at least ninety percent 15 medical malpractice insurance; (B) assumes reinsurance premiums in an 16 amount that is less than five percent of total direct premiums written; 17 and (C) writes ninety percent of its total direct premiums in this 18 state. 19 § 2. The opening paragraph of paragraph 3 of subsection (a) of section 20 6303 of the insurance law, as amended by chapter 438 of the laws of 21 2018, is amended to read as follows: 22 until June thirtieth, two thousand [twenty-three] twenty-seven, the 23 policy, other than a medical malpractice insurance policy, is issued to 24 a large commercial insured that employs or retains a special risk manag- 25 er to assist in the negotiation and purchase of a policy exempted under 26 this article, provided, however, that: 27 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11476-01-3