Extends exemptions from regulatory requirements for large, commercial insureds.

New York A08413 amends the insurance law to extend certain exemptions from regulatory requirements for large, commercial insureds. Specifically, it exempts domestic property/casualty insurance companies that meet certain criteria from needing prior approval of rates and forms. These criteria include maintaining a surplus to policyholders, having direct premiums comprised mostly of medical malpractice insurance, assuming reinsurance premiums, and writing a significant portion of their total direct premiums in the state. The act takes effect immediately.

Extends exemptions from regulatory requirements for large, commercial insureds.

New York A08413 amends the insurance law to extend certain exemptions from regulatory requirements for large, commercial insureds. Specifically, it exempts domestic property/casualty insurance companies that meet certain criteria from needing prior approval of rates and forms. These criteria include maintaining a surplus to policyholders, having direct premiums comprised mostly of medical malpractice insurance, assuming reinsurance premiums, and writing a significant portion of their total direct premiums in the state. The act takes effect immediately.