New York S03147 exempts the sale of non-indemnity legal service plans from being considered insurance business.
New York S03147 amends the insurance law to clarify that the sale of a non-indemnity legal service plan does not constitute doing an insurance business in the state. A non-indemnity legal service plan is defined as any plan where legal services are provided to members or their dependents through an organization that contracts directly with independent attorneys. This change aims to ensure that such plans are not subject to insurance regulations.
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