senate Bill S3604A

Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 28 / Feb / 2011
    • REFERRED TO INSURANCE
  • 04 / Jan / 2012
    • REFERRED TO INSURANCE
  • 23 / Jan / 2012
    • AMEND (T) AND RECOMMIT TO INSURANCE
  • 23 / Jan / 2012
    • PRINT NUMBER 3604A

Summary

Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state.

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Bill Details

Versions:
S3604
S3604A
Legislative Cycle:
2011-2012
Current Committee:
Senate Insurance
Law Section:
Insurance
Versions Introduced in 2009-2010 Legislative Cycle:
S6465

Sponsor Memo

BILL NUMBER:S3604A

TITLE OF BILL:
An act
in relation to authorizing and directing the superintendent of
financial services
to conduct a study concerning the potential effect of a
disaster on the insurance industry of this state

PURPOSE:
The purpose of the bill is to require a study on the effect of
disasters on the insurance industry of New York state.

SUMMARY OF PROVISIONS:
Section 1.1: The superintendent of insurance is hereby authorized and
directed to conduct a study concerning the potential effect of
disasters on the insurance industry of New York State.

EXISTING LAW:
2010: S.6465 - Held in Insurance

JUSTIFICATION:
Insurance is a product that everyone purchases and no one hopes to use.
However, after massive disasters such as hurricanes, earthquakes, and
terrorist attacks many thousands of people may receive payment for
damages they have experienced. often times this process can overwhelm
companies and exhaust reserves. It is imperative that before disaster
strikes we have a better understanding of how to prepare the
insurance industry for such an event and what, if anything, the state
of New York can do.

FISCAL IMPLICATIONS:
Minimal.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                 3604--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT in relation to authorizing and directing  the  superintendent  of
  financial  services to conduct a study concerning the potential effect
  of a disaster on the insurance industry of this state

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

  Section 1. Notwithstanding any other provision of law, the superinten-
dent  of financial services, in consultation with the office of homeland
security, is hereby authorized and directed to prepare or  cause  to  be
prepared  a study to examine, evaluate and make recommendations concern-
ing the potential effect of a disaster,  catastrophic  event,  state  of
emergency  or  any  other event of major destructive consequences on the
insurance industry of this state. Such study shall include the effect of
both natural and man-made disasters within its scope. Natural  disasters
to  be studied shall include, but not be limited to, disasters occurring
from rain, sleet, ice, snow, wind or  extreme  heat  or  cold.  Man-made
disasters  to  be  studied shall include, but not be limited to, acts of
terrorism, acts of war, strikes or mass riots. Such  study  shall  focus
primarily  on  the preparedness and ability of the insurance industry to
function in the event of such a disaster and what procedures and  proto-
cols  may  be  implemented to improve such functionality, as well as any
other issues the superintendent of financial services deems relevant.
  S 2. The superintendent of financial  services  shall  report  to  the
governor  and  the  legislature  the  findings  of the study required by
section one of this act along with his  or  her  recommendations  on  or
before January 1, 2013.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07638-02-1

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