New York S06084 establishes a captive insurance program for commuter vans.

New York S06084 amends the insurance law to create a captive insurance program for commuter vans, which are vehicles that carry or transport passengers for hire. The program, overseen by the superintendent, involves identifying and licensing captive insurance companies to provide necessary insurance coverage to eligible commuter vans. It includes standards for enrollment, eligibility mechanisms, and monitoring the performance of these insurance companies to ensure affordable coverage. The act will take effect 90 days after becoming law.

New York S06084 establishes a captive insurance program for commuter vans.

New York S06084 amends the insurance law to create a captive insurance program for commuter vans, which are vehicles that carry or transport passengers for hire. The program, overseen by the superintendent, involves identifying and licensing captive insurance companies to provide necessary insurance coverage to eligible commuter vans. It includes standards for enrollment, eligibility mechanisms, and monitoring the performance of these insurance companies to ensure affordable coverage. The act will take effect 90 days after becoming law.