Assembly Bill A4833A

Signed By Governor
2013-2014 Legislative Session

Permits certain agreements by domestic mutual insurance corporations

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S3539 - 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

co-Sponsors

multi-Sponsors

2013-A4833 - Details

See Senate Version of this Bill:
S3539
Law Section:
Insurance Law
Laws Affected:
Amd §1209, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7794
2011-2012: S2875

2013-A4833 - Summary

Permits certain agreements by domestic mutual insurance corporations.

2013-A4833 - Bill Text download pdf

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

                                  4833

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 11, 2013
                               ___________

Introduced  by  M. of A. MAGEE, MORELLE -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance law, in  relation  to  permitting  certain
  agreements by domestic mutual insurance corporations

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

  Section 1. Subsection (f) of section 1209  of  the  insurance  law  is
amended to read as follows:
  (f) No domestic mutual insurance corporation, except a domestic mutual
insurance company organized before January first, nineteen hundred forty
to  do  only marine protection and indemnity insurance, shall enter into
any agreement with any of the officers or directors, or with any firm or
corporation in which any such officer or director is pecuniarily  inter-
ested  directly  or indirectly, whereby the insurance corporation agrees
to pay, for the acquisition of business, any commission or other compen-
sation which under the agreement  is  increased  or  diminished  by  the
amount  of  such  business or by the insurance corporation's earnings on
such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY  A
DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE
INSURANCE  CORPORATION  TO  ENTER  INTO SUCH AN AGREEMENT WITH A FIRM OR
CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE  SUPERINTENDENT
DETERMINES  THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT
BE ADVERSELY AFFECTED; (2) THE OFFICER  OR  DIRECTOR  HAS  NO  PECUNIARY
INTEREST  DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE
OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD  NOT
BE  MATERIAL  IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM
VOLUME.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08131-01-3


              

co-Sponsors

multi-Sponsors

2013-A4833A (ACTIVE) - Details

See Senate Version of this Bill:
S3539
Law Section:
Insurance Law
Laws Affected:
Amd §1209, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7794
2011-2012: S2875

2013-A4833A (ACTIVE) - Summary

Permits certain agreements by domestic mutual insurance corporations.

2013-A4833A (ACTIVE) - Bill Text download pdf

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

                                 4833--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 11, 2013
                               ___________

Introduced  by  M. of A. MAGEE, MORELLE, CROUCH -- Multi-Sponsored by --
  M. of A.  SKARTADOS -- read once and  referred  to  the  Committee  on
  Insurance  --  recommitted to the Committee on Insurance in accordance
  with Assembly Rule 3, sec. 2 -- committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the insurance law, in relation to permitting certain
  agreements by domestic mutual insurance corporations

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

  Section  1.  Subsection  (f)  of  section 1209 of the insurance law is
amended to read as follows:
  (f) No domestic mutual insurance corporation, except a domestic mutual
insurance company organized before January first, nineteen hundred forty
to do only marine protection and indemnity insurance, shall  enter  into
any agreement with any of the officers or directors, or with any firm or
corporation  in which any such officer or director is pecuniarily inter-
ested directly or indirectly, whereby the insurance  corporation  agrees
to pay, for the acquisition of business, any commission or other compen-
sation  which  under  the  agreement  is  increased or diminished by the
amount of such business or by the insurance  corporation's  earnings  on
such  business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY A
DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE
INSURANCE CORPORATION TO ENTER INTO SUCH AN AGREEMENT  WITH  A  FIRM  OR
CORPORATION  THAT IS A LICENSED INSURANCE PRODUCER IF THE SUPERINTENDENT
DETERMINES THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL  NOT
BE  ADVERSELY  AFFECTED;  (2)  THE  OFFICER OR DIRECTOR HAS NO PECUNIARY
INTEREST DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO  THE
OFFICER  OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD NOT
BE MATERIAL IN RELATION TO THE INSURANCE CORPORATION'S  OVERALL  PREMIUM
VOLUME.    ANY  SUCH  AGREEMENT  APPROVED BY THE SUPERINTENDENT SHALL BE
SUBJECT TO ANNUAL REVIEWS AND, WHERE THE SUPERINTENDENT DETERMINES  SUCH
AGREEMENT  NO  LONGER  CONFORMS  TO  THIS SUBSECTION, THE SUPERINTENDENT
SHALL REVOKE HIS OR HER PRIOR APPROVAL.
  S 2. This act shall take effect immediately.

              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.