New York will now allow risk retention groups registered with the state, but not charted in New York, to offer commercial auto coverage to 501(c)(3) not-for-profit organizations, according to Governor Kathy Hochul's office. The governor signed the new law into effect on Sept. 15, 2023.
Previous regulations required that risk retention groups be domiciled in New York, according to Ithaca Carshare, a service that offers its members 24/7 access to vehicles. This made it difficult for many of these organizations to secure coverage.
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