The New York State Senate Insurance Committee has given its approval to a bill that would exempt certain purchasers of commercial insurance from rate and policy form filing requirements. The bill, supported by the American Insurance Association, would create a benefit for New York businesses and improve the insurance market.
The bill would define “exempt commercial policyholders” as insureds with $10,000 in premium volume and who also meet two criteria from the following list: use as a risk manager (the agent can be the risk manager); a net worth of $7.5 million or more; revenue of $15 million or more; a municipality with a population of 25,000 or more; a not-for-profit organization with a budget of $10 million or more; or more than 35 employees.
Topics New York Commercial Lines Business Insurance Politics
Was this article valuable?
Here are more articles you may enjoy.
Gemini Hacked Three Companies in First Known Breakout by Google’s AI 
State Farm to Increase Claims Workforce by 3,000 
Florida’s Private Railroad, Brightline, Files for Bankruptcy 
Morgan & Morgan Plans to Spend $1B on AI Platform in Coming Years 
