Senate Bill S5110

Signed By Governor
2009-2010 Legislative Session

Authorizes municipal reciprocal insurers to offer full faith and credit surety bonds for public officers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S5110 (ACTIVE) - Details

See Assembly Version of this Bill:
A9471
Law Section:
Insurance Law
Laws Affected:
Amd §6102, Ins L

2009-S5110 (ACTIVE) - Summary

Authorizes municipal reciprocal insurers to offer full faith and credit surety bonds for public officers.

2009-S5110 (ACTIVE) - Sponsor Memo

2009-S5110 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5110

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to organization of domes-
  tic reciprocal insurers

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subsection  (a)  of section 6102 of the insurance law, as
amended by chapter 220 of the laws  of  1986,  is  amended  to  read  as
follows:
  (a)  Twenty-five  or more persons, firms and corporations, each having
the qualifications of subscribers as prescribed  in  this  article,  may
organize  a  reciprocal insurer to do any one or more of the basic kinds
of insurance set forth in subsection (a) of section  four  thousand  one
hundred  one of this chapter or, in the alternative, twenty-five or more
New York counties, towns, cities, villages,  district  corporations  (as
defined in paragraph three of section 2.00 of the local finance law), or
school  districts  and  boards of cooperative educational services, each
having the qualifications of subscribers as prescribed in this  article,
may  organize statewide municipal reciprocal insurers to provide any one
or more of the basic kinds of insurance set forth in subsection  (a)  of
section  four  thousand one hundred one of this chapter, except workers'
compensation and employers' liability, fidelity and  surety  OTHER  THAN
OFFICIAL  UNDERTAKINGS CONDITIONED FOR THE FAITHFUL PERFORMANCE OF OFFI-
CIAL DUTIES AS REFERENCED IN SECTION ELEVEN OF THE PUBLIC  OFFICERS  LAW
AND  REQUIRED  BY  RELATED  PROVISIONS  OF THE COUNTY, TOWN, AND VILLAGE
LAWS, credit and marine and inland marine (except as authorized  by  the
provisions  of  paragraph two of subsection (b) of section four thousand
one hundred two of this chapter) insurance. Such  an  insurer  shall  be
called,  for  purposes of this chapter, a "municipal reciprocal insurer"
and shall be subject to all the provisions of this chapter applicable to
a reciprocal insurer,  except  where  the  context  otherwise  requires.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11492-01-9

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