The ride-sharing industry’s giants are pushing back against an amended version of legislation that would allow them to operate statewide.

As insurance groups also oppose the latest version of the Assembly’s legislation, Uber and Lyft have circulated separate memos of opposition to the bill, noting that, among other things, insurance coverage requirements are exponentially higher than what current regulations are for taxis.

“While we had technical concerns with the original version of this bill, the latest version, unfortunately, would likely make ride-sharing insurance prohibitively expensive in New York ­ especially in the upstate communities that most need transportation options and economic opportunities,” Uber’s memo states.

Lyft’s memo states that the amended limits “would inflate costs of the service to riders, and would effectively price TNCs out of most areas in the State.”

At the same time, insurance groups are making a similar case.

“This bill would needlessly increase mandatory minimum limits of liability and fails to preserve the legal distinction between using a vehicle for personal uses and for ride sharing services, which will result in greatly increased costs for all New York auto insurance consumers,” an opposition memo from the New York Insurance Association states. “While NYIA does not oppose the concept of transportation network companies (TNCs), this legislation does not properly integrate TNCs within the framework of the New York auto insurance laws.”

The original legislation set mandatory minimum liability limits of $50,000 for bodily injury or death and $100,000 per incident for when no passengers are in the car. The two latest updates to the bill have raised the limits to $100,000 and $300,000, respectively. The limit for when drivers are using the app on the way to pick up a fare and when a passenger is in the car would be raised from $1 million to $1.5 million.

A source close to ongoing legislative discussions said the coverage limits are the holdup at this point in negotiations.

The state Senate meanwhile continues to propose the lower limits, in concert with more than 30 other states.

In touting the latest amendments on Saturday, Assembly sponsor Kevin Cahill said the legislation is overwhelmingly supported by members.

“Provisions that provide insurance coverage for instances where non-credentialed operators provide transportation, require the Department of Motor Vehicles to maintain a registry of all automobiles used for ride-sharing and make physical damage coverage available to ride-sharing drivers who need this important policy all stand as vital protections for those who wish to drive for Uber and Lyft, consumers and all New York State residents,” he said in a statement.

The latest round of opposition appears to be dampening the hopes of ride-sharing supporters.

There appears to be more optimism regarding legislation that would affect cab operations in the Capital Region, specifically. Legislation that would pave the way for the Capital District Transportation Authority to become a cab regulator for the region is awaiting action the next time the Assembly Rules Committee meets.

Three days remain in the legislative session, which is set to end Thursday.

The memos from Uber, Lyft and NYIA are below:

Uber Memorandum in Opposition A8195B

Lyft 8195B Opp Memo

NYIA Opp Memo to A8195B (Cahill) Authorize TNC Insurance Coverage