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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 Commercial Lines New York Business Insurance Politics