2013 New York Consolidated Laws
ISC - Insurance
Article 34 - (3401 - 3454) INSURANCE CONTRACTS-PROPERTY/CASUALTY
3447 - Qualification of environmental remediation insurance for tax credit.

 
    §  3447.  Qualification of environmental remediation insurance for tax
  credit.  (a)  The  superintendent  of  financial  services   is   hereby
  authorized  to  promulgate  regulations relating to the certification of
  policies of insurance which qualify for  the  environmental  remediation
  insurance  tax credit provided for under section twenty-three of the tax
  law. Such tax credit shall only apply against a portion of  the  premium
  paid for coverage provided under subsection (b) of this section.
    (b)  In  order  to qualify for the environmental remediation insurance
  tax credit provided for under section twenty-three of the tax  law,  the
  insurance  must  be  written  pursuant  to  the  provisions of paragraph
  thirteen or fourteen of subsection  (a)  of  section  one  thousand  one
  hundred  thirteen  of  this  chapter  and  contain  any of the following
  coverages  or  substantially  similar  coverages   or   combination   of
  coverages:
    (1)  coverage  for  the  costs  of  on-site  clean-up  of pre-existing
  pollution conditions from the insured property  which  are  outside  the
  scope  of  the  remedial  work  plan  pursuant to section 27-1411 of the
  environmental conservation law for such insured property;
    (2) coverage for third-party claims  for  on-site  bodily  injury  and
  property damage resulting from pre-existing pollution conditions outside
  the scope of such remedial work plan for the insured property;
    (3)  coverage which caps clean-up costs relating to such remedial work
  plan; and
    (4) coverage for the costs of state  re-openers  pursuant  to  section
  27-1421  of  the environmental conservation law or modifications to such
  remedial work plan to fill any gap in any liability limitation  provided
  pursuant  to  section  27-1421 of the environmental conservation law for
  environmental conditions.