Relates to business interruption insurance

This bill updates New York's insurance laws to formally recognize business interruption insurance as a standard type of coverage. It defines this insurance as protection against financial losses from business closures caused by property damage, violence on the premises, or government orders. The legislation also adjusts licensing rules to allow brokers to sell policies from out-of-state insurers that are not licensed in New York and sets specific capital requirements for companies offering this coverage. These changes aim to expand the availability of insurance options for businesses facing operational disruptions.