Makes permanent certain provisions of law relating to catastrophic or reinsurance coverage issued to certain small groups.
Impact
The amendment would effectively alter the insurance landscape for small businesses and organizations within New York. By solidifying these provisions, the bill not only enhances the reliability of insurance options available but also aims to foster an environment where small groups can engage in long-term planning concerning their insurance needs. This could lead to reduced risks and better financial stability for these entities, contributing positively to their sustainability.
Summary
Bill A10218 seeks to amend existing laws regarding catastrophic or reinsurance coverage specifically issued to certain small groups. The proposed changes would make provisions established in previous legislation permanent, thereby ensuring that small groups continue to have access to these forms of insurance coverage without the inherent instability that comes from temporary statutes. This structural shift aims to provide more consistent support and protection for small group insurance policies in New York State.
Contention
While the summary information does not explicitly detail points of contention, such modifications to insurance law generally prompt debates around potential impacts on the insurance market, regulatory oversight, and financial implications for small groups versus larger corporations. Questions may arise about the adequacy of coverage, potential cost implications for insurers, and the broader implications for state-managed health and insurance programs.
Amends the definition of "small group" for purposes of health insurance policies and contracts to fifty employees or fewer; repeals provisions requiring the superintendent to conduct an impact study.
Amends the definition of "small group" for purposes of health insurance policies and contracts to fifty employees or fewer; repeals provisions requiring the superintendent to conduct an impact study.
Enacts the "New York small contractor relief act"; defines terms; authorizes a small contractor captive insurance company to purchase, and the New York state insurance fund shall be authorized and directed to provide, reinsurance and retrocession reinsurance for such captive insurance company, on either a quota share arrangement or facultative arrangement at a rate to be determined by the board of the fund; provides that a small contractor captive insurance company organized pursuant to this article shall not refuse to issue, renew or cancel a policy of any qualified small construction contractor based upon geographic location or line of business engaged in by such contractor; makes related provisions.
Enacts the "New York small contractor relief act"; defines terms; authorizes a small contractor captive insurance company to purchase, and the New York state insurance fund shall be authorized and directed to provide, reinsurance and retrocession reinsurance for such captive insurance company, on either a quota share arrangement or facultative arrangement at a rate to be determined by the board of the fund; provides that a small contractor captive insurance company organized pursuant to this article shall not refuse to issue, renew or cancel a policy of any qualified small construction contractor based upon geographic location or line of business engaged in by such contractor; makes related provisions.
Establishes the small business working group to identify the twenty-five provisions of law or rules that are most frequently enforced through issuance of notices of violation and most frequently issued to small businesses; requires such working group to evaluate such provisions of law or rules to determine whether changes should be made to such provisions.