BILL NUMBER: S8343
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the insurance law, in relation to extending authori-
zation for certain exemptions from filing requirements
 
PURPOSE OR GENERAL IDEA OF BILL:
To extend certain exemptions from regulatory requirements necessitating
prior approval of rates and forms for large, commercial insureds and
special risks.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends section 6302 (c) (3) of the insurance law
to extend the minimum surplus to policyholder ratio required of medical
malpractice insurers, from June 30, 2025 to June 30, 2027.
 
JUSTIFICATION:
In 2011, legislation was enacted which modernized and streamlined the
regulation of commercial insurance by expanding the types of insurance
which may be written without the Department's prior approval of rates
and forms when sold to large commercial policyholders. This law has
proven successful in ensuring that commercial policyholders have maximum
flexibility to create policies that are tailored to their needs, as they
must respond rapidly to competitive forces, the economy and the needs of
their customers. For this reason, this legislation seeks to extend these
provisions.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
Immediately.