Provides for insurance against expenses and business income losses from acts or threats of violence, including while not on the insured's premises; adds representations and warranties and tax interpretation insurance.
Summary
S10226 amends New York’s Insurance Law to expand and clarify several categories of insurance. The bill broadens the definition of coverage for losses tied to acts or threats of violence by expressly including bullying, stalking, and abduction, and by allowing coverage for related expenses such as travel, lodging, lost wages, locating missing persons, and costs to hire public relations or security firms. It also revises business interruption insurance to cover reductions in business or business closure caused by loss or damage to insured or neighboring property, acts or threats of violence or abduction affecting business operations, or government orders, and it removes the prior limitation that the perpetrator had to be on the premises.
Impact
The bill would amend multiple sections of the Insurance Law governing the kinds of insurance that may be written, licensed, and capitalized in New York. It adds two new insurance categories—representations and warranties insurance and tax interpretation insurance—into the statutory framework, updates excess line broker authority to place those products, and adjusts licensing, surplus, and capital requirements for insurers writing them. It also repeals section 3450 and makes conforming changes to tables and notes in sections 4101, 4102, 4103, 4107, and 3425 so the new lines of insurance are recognized and regulated under state law.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a technical and market-expansion insurance bill rather than a controversial policy proposal. Its tone is generally pro-insurance-industry and pro-coverage expansion, aimed at modernizing New York’s insurance code to reflect products already used in commercial markets. No formal opposition or recorded roll-call sentiment is available in the provided materials.
Contention
The main points of potential contention are the scope of the expanded violence-related coverage and the addition of new specialty products with very high capital requirements. Insurers and regulators may differ over how far business interruption coverage should extend, especially for threats occurring off-premises or for losses tied to bullying, stalking, or abduction. The new representations and warranties and tax interpretation insurance provisions may also raise questions about underwriting risk, consumer/business protections, and whether the capital thresholds are appropriately calibrated for these niche products.
Relates to kinds of insurance authorized, including expenses and business income losses from acts or threats of violence, including while not on the insured's premises, and adding representations and warranties and tax interpretation insurance.
Enacts the "small business health plan act" which provides small businesses opportunities to provide health insurance to owners and employees by exempting such insurance from certain requirements.
Provides for a deduction against personal gross income in an amount equal to fees, costs and expenses paid or incurred including legal fees and agency costs in connection with the adoption of a child.
Provides that the attorney general may bring a civil action against a responsible party for recovery of certain costs and assessments arising from a climate disaster; provides that an insurer doing business in this state and the New York property insurance underwriting association who has suffered harm as a result of a climate disaster may bring a civil action against a responsible party.
Provides that the attorney general may bring a civil action against a responsible party for recovery of certain costs and assessments arising from a climate disaster; provides that an insurer doing business in this state and the New York property insurance underwriting association who has suffered harm as a result of a climate disaster may bring a civil action against a responsible party.
Requires insurers to provide insurance coverage for treatment of rare diseases, life-threatening conditions or diseases, degenerative and disabling conditions, or diagnoses involving medically fragile children, by a provider of the patient's choice.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions. (Formerly HSB 25.) Effective date: 03/28/2025.
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions.(See SF 305.)
A bill for an act relating to controlled substances, including certain controlled substances schedules and precursor substances reporting requirements, making penalties applicable, and including effective date provisions.(See HF 182.)