New York small contractor relief act establishes a captive insurance company for small construction contractors.

The New York small contractor relief act creates a captive insurance company for small construction contractors, offering them liability insurance. The act defines terms such as "liability insurance" and "small construction contractor." It authorizes the New York state insurance fund to provide reinsurance and retrocession reinsurance for the captive insurance company. The act prohibits the captive insurance company from refusing to issue, renew, or cancel a policy based on geographic location or line of business.

New York small contractor relief act establishes a captive insurance company for small construction contractors.

The New York small contractor relief act creates a captive insurance company for small construction contractors, offering them liability insurance. The act defines terms such as "liability insurance" and "small construction contractor." It authorizes the New York state insurance fund to provide reinsurance and retrocession reinsurance for the captive insurance company. The act prohibits the captive insurance company from refusing to issue, renew, or cancel a policy based on geographic location or line of business.