S 8343: Extends certain exemptions from regulatory requirements necessitating prior approval of rates and forms for large, commercial insureds.

  
  STATE OF NEW YORK ________________________________________________________________________ 8343 2025-2026 Regular Sessions  IN SENATE June 4, 2025 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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 chapter 158 of the laws of 2023, is amended to 3 read as follows: 4 (3) until June thirtieth, two thousand [twenty-five] twenty-seven, 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. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10370-02-5