New York State Senate & Assembly vote to create captive program

The New York State Senate and Assembly has voted for new legislation that might create a captive insurance program in the state.

Senate Bill S8432 was introduced in the 2023-2024 Legislative Session. It seeks to establish a captive insurance program for commuter vans, black cars, ambulettes and paratransit vehicles, and small school buses pre-arranged for-hire vehicles, and accessible vehicles.

The Bill was sponsored by Leroy Comrie, state senator for New York’s 14th District. It has passed the committee stage in both the Assembly and Senate in New York. It has now been merged with a similar bill, A9099, that was introduced in the Assembly and which shares the same goal of creating a captive insurance program for the vehicles listed above.

The legislation has passed in both the Senate and the Assembly and now just requires the signature of New York’s Governor, Kathleen Hochul, in order to pass into law.

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