Extends authorization for certain exemptions from filing requirements

Medical malpractice insurers keep filing exemptions longer

Effective immediately, the law extends filing exemptions for qualifying New York insurers through June 30, 2027. Eligible insurers are New York-based property/casualty companies and reciprocal insurers licensed under Article 61. At least 90% of their direct premiums must cover medical malpractice, and 90% must be written in New York. Premiums from reinsurance they assume must be less than 5% of total direct premiums written. Property/casualty companies must always keep policyholder surplus of at least twice the minimum required for their authorized insurance lines. Reciprocal insurers must always keep at least the applicable minimum surplus. The law does not create a direct household payment or benefit.