Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
979--A
2025-2026 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 8, 2025
___________
Introduced by M. of A. LUNSFORD, WEPRIN -- read once and referred to the
Committee on Insurance -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the insurance law, in relation to contractual liability
insurance policies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subsection (c) of section 7903 of the insur-
ance law, as amended by chapter 578 of the laws of 2000, is amended to
read as follows:
(1) insure the performance of [all] its obligations under all service
contracts pursuant to a service contract reimbursement insurance policy
issued by an insurer authorized to issue service contract reimbursement
insurance in this state or procured by an excess line licensee pursuant
to section two thousand one hundred eighteen of this chapter. EACH
PROVIDER MAY MAINTAIN A MAXIMUM OF FIVE SERVICE CONTRACT REIMBURSEMENT
INSURANCE POLICIES INSURING ITS SERVICE CONTRACTS ACTIVELY OFFERED. In
the event the provider fails to insure its obligations pursuant to this
paragraph or in the event that such insurance shall lapse or be termi-
nated, the provider shall comply with either paragraph two or three of
this subsection within forty-five days of the insurance lapse or termi-
nation;
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01514-02-5Every fact on this page links to its source, starting with the official bill record.