S 7221: Extends certain provisions relating to medical malpractice insurers until December 31, 2028.

  
  STATE OF NEW YORK ________________________________________________________________________ 7221 2025-2026 Regular Sessions  IN SENATE April 4, 2025 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to extending certain provisions relating to medical malpractice insurers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1325 of the insurance law, as amended by chapter 2 637 of the laws of 2022, is amended to read as follows: 3 § 1325. Exemption. For the purposes of exempting certain insurance 4 companies from the provisions of section one thousand three hundred 5 twenty-four of this article, the superintendent shall exempt, through 6 December thirty-first, two thousand [twenty-five] twenty-eight, those 7 stock and non-stock insurance companies to which subparagraph (B) of 8 paragraph two of subsection (b) of such section applies. 9 § 2. Subsection (c) of section 2343 of the insurance law, as amended 10 by chapter 637 of the laws of 2022, is amended to read as follows: 11 (c) Notwithstanding any other provision of this chapter, no applica- 12 tion for an order of rehabilitation or liquidation of a domestic insurer 13 whose primary liability arises from the business of medical malpractice 14 insurance, as that term is defined in subsection (b) of section five 15 thousand five hundred one of this chapter, shall be made on the grounds 16 specified in subsection (a) or (c) of section seven thousand four 17 hundred two of this chapter at any time prior to December thirty-first, 18 two thousand [twenty-five] twenty-eight. 19 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10612-01-5