Creates the New York flood insurance association which will consist of all insurers authorized to write and engaged in writing within this state, on a direct basis, flood coverage insurance.
Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.
Directs the New York state department of financial services to conduct a study on the rising costs of motor vehicle insurance in the state which shall include certain analyses and recommendations.
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.
Authorizes the Holland central school district to establish an insurance reserve fund for any loss, claim, action or judgment for which such school district is authorized or required to purchase or maintain insurance for the kinds of risks for which insurance is authorized.