Enacts the "New York small contractor relief act" to create a captive insurance company for small construction contractors.

The bill enacts the "New York small contractor relief act," which establishes a captive insurance company to provide liability insurance for small construction contractors. It defines terms, authorizes the company to purchase reinsurance, and mandates risk management programs. The company must not refuse to issue, renew, or cancel policies based on geographic location or line of business. The New York state insurance fund is directed to provide reinsurance. The act will expire five years after its effective date.

Enacts the "New York small contractor relief act" to create a captive insurance company for small construction contractors.

The bill enacts the "New York small contractor relief act," which establishes a captive insurance company to provide liability insurance for small construction contractors. It defines terms, authorizes the company to purchase reinsurance, and mandates risk management programs. The company must not refuse to issue, renew, or cancel policies based on geographic location or line of business. The New York state insurance fund is directed to provide reinsurance. The act will expire five years after its effective date.