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Bill

S 5356

Relates to taxes on foreign fire insurance premiums

2025 Regular Session Introduced by Leroy Comrie

Proposes taxing foreign fire insurance premiums in NY, impacting policyholders and foreign insurers; referred to the Senate Committee on Insurance for review.

REFERRED TO INSURANCE
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Bill Summary · S 5356

Summary: S 5356 — Relates to Taxes on Foreign Fire Insurance Premiums

Overview

S 5356 is a bill introduced in the New York Senate on February 20, 2025. Its stated title suggests it would address taxes related to foreign fire insurance premiums. The bill is currently in the early stage of consideration and has been referred to the Senate Committee on Insurance. The primary sponsor is Senator Leroy Comrie.

  • Bill number: S 5356
  • Title: Relates to taxes on foreign fire insurance premiums
  • Status: REFERRED TO INSURANCE
  • Introduced: February 20, 2025
  • Primary sponsor: Leroy Comrie

What the bill would do (provision details not provided)

The available information does not include the bill’s actual text. Based on the title, the bill would be expected to address one or more of the following general areas commonly involved in taxation of foreign fire insurance premiums:
- Define or clarify what constitutes “foreign” fire insurance premiums for tax purposes
- Establish, modify, or repeal a tax on such premiums
- Alter the tax base, rate, exemptions, or credits related to foreign fire insurance premiums
- Set definitions, filing, reporting, and payment requirements for insurers and/or policyholders
- Include enforcement provisions, penalties for noncompliance, and effective dates

Note: Without the bill text, the precise provisions, thresholds, rates, exemptions, and implementation details cannot be confirmed.

Who would be affected

  • Policyholders paying fire insurance premiums to foreign (non-domestic) insurers operating within the state
  • Foreign insurers providing fire insurance whose premiums are subject to the tax changes
  • The state revenue department or tax authority responsible for administering and collecting the tax
  • Potentially insurance agents and brokers involved in the sale and issuance of fire insurance policies

Procedural and timeline aspects

  • Current stage: Referred to the Senate Committee on Insurance, indicating the bill will receive committee review, potential hearings, and amendments.
  • Next steps: If advanced by the committee, the bill could move to the full Senate for a vote, then to the Assembly (and vice versa in the other chamber, if applicable). Enactment would require passage by both houses and the governor’s signature.
  • Related actions: Several prior-session related bills exist (S 8911, S 1605, S 713, S 3549), suggesting ongoing interest in the topic of foreign fire insurance taxation.

Related bills (prior sessions)

  • S 8911 (prior-session)
  • S 1605 (prior-session)
  • S 713 (prior-session)
  • S 3549 (prior-session)

Sponsor

  • Leroy Comrie (primary)

Notes

  • The exact legislative text, specific tax provisions, rates, definitions, and applicability periods are not provided in the information available. Once the bill text is available, a more detailed, provision-by-provision analysis can be prepared, including estimated revenue impacts and operational implications for insurers and policyholders.

Compiled from official sources — confirm details with the bill’s official record.

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