Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 19, 2014 |
referred to insurance delivered to assembly passed senate |
Apr 29, 2014 |
amended on third reading (t) 6526a |
Mar 12, 2014 |
advanced to third reading |
Mar 11, 2014 |
2nd report cal. |
Mar 10, 2014 |
1st report cal.241 |
Feb 03, 2014 |
referred to insurance |
Senate Bill S6526A
2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
Actions
Votes
Bill Amendments
2013-S6526 - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2132, 3432 & 6623, Ins L
- Versions Introduced in 2015-2016 Legislative Session:
-
S2367
2013-S6526 - Summary
Enacts the "insurance modernization act of 2014" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to expanding immunity protection for companies reporting certain fire losses; relates to allowing advance premium cooperative investment in certificates of deposit.
2013-S6526 - Sponsor Memo
BILL NUMBER:S6526 TITLE OF BILL: An act to amend the insurance law, in relation to permitting all forms of signatures for continuing insurance education course providers, expanding immunity protection for companies reporting certain fire losses and allowing advance premium cooperative investment in certificates of deposit PURPOSE: There are three areas of the insurance law where the current law does not accurately reflect the realities of insurance operations. First, with the advent of electronic signatures and the ubiquitous nature of faxed or scanned documents with copies of signatures, the current Department of Financial Services' (DFS) requirement that applications by continuing insurance education providers must have original signatures is anachronistic. This bill would permit both original signatures and copies of signatures. Second, insurance companies providing information regarding certain fire claim losses are immunized from liability for providing such information to the New York City fire agency but not any other local fire agency in the state. This measure corrects that by amending the law to include any local fire agency within the law's definition of a local fire agency for purposes of such reporting.
2013-S6526 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6526 I N S E N A T E February 3, 2014 ___________ Introduced by Sen. SEWARD -- 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 permitting all forms of signatures for continuing insurance education course providers, expanding immunity protection for companies reporting certain fire losses and allowing advance premium cooperative investment in certif- icates of deposit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection (i) of section 2132 of the insur- ance law, as added by chapter 656 of the laws of 1992, is amended to read as follows: (3) The completed applications shall be returned in a timely manner, as specified by the superintendent, PROVIDED THAT ANY SIGNATURE REQUIRE- MENTS SHALL BE DEEMED SATISFIED IF THE SIGNATURES COMPLY WITH SECTION FORTY-SIX OF THE GENERAL CONSTRUCTION LAW, with a non-refundable filing fee of two hundred dollars per organization, fifty dollars per course, program and seminar, and fifty dollars per instructor. S 2. Paragraph 6 of subsection (b) of section 3432 of the insurance law, as added by chapter 778 of the laws of 1986, is amended to read as follows: (6) information required by the insurer or provided by the insurer in the absence of fraud or bad faith to a local fire investigation agency [pursuant to section three thousand four hundred fifteen of this arti- cle] OF A "MUNICIPAL CORPORATION" AS DEFINED IN SECTION TWO OF THE GENERAL MUNICIPAL LAW. S 3. Subsection (c) of section 6623 of the insurance law, as added by chapter 431 of the laws of 2000, is amended to read as follows: (c) Notwithstanding the limitation of investments in certificates of deposit set forth in subsection (a) of section one thousand four hundred nine of this chapter, [an assessment corporation] A CO-OPERATIVE PROPERTY/CASUALTY INSURANCE COMPANY may invest in certificates of depos- it of any one institution in an amount not to exceed the amount guaran- teed by the Federal Deposit Insurance Corporation. S 4. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
2013-S6526A (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2132, 3432 & 6623, Ins L
- Versions Introduced in 2015-2016 Legislative Session:
-
S2367
2013-S6526A (ACTIVE) - Summary
Enacts the "insurance modernization act of 2014" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to expanding immunity protection for companies reporting certain fire losses; relates to allowing advance premium cooperative investment in certificates of deposit.
2013-S6526A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6526A TITLE OF BILL: An act to amend the insurance law, in relation to enacting the "insurance modernization act of 2014" PURPOSE: There are three areas of the insurance law where the current law does not accurately reflect the realities of insurance operations. First, with the advent of electronic signatures and the ubiquitous nature of faxed or scanned documents with copies of signatures, the current Department of Financial Services' (DFS) requirement that applications by continuing insurance education providers must have original signatures is anachronistic. This bill would permit both original signatures and copies of signatures. Second, insurance companies providing information regarding certain fire claim losses are immunized from liability for providing such information to the New York City fire agency but not any other local fire agency in the state. This measure corrects that by amending the law to include any local fire agency within the law's definition of a local fire agency for purposes of such reporting. Third, current law through an oversight does not expressly include advance premium cooperatives as a type of cooperative allowed to invest in certificates of deposit in a certain manner that is presently allowed for assessment cooperatives. This bill would correct this oversight by stating that all co-operative property/casualty
2013-S6526A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6526--A Cal. No. 241 I N S E N A T E February 3, 2014 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to enacting the "insur- ance modernization act of 2014" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known, and may be cited as, the "insur- ance modernization act of 2014." S 2. The legislature finds and declares that there is a need for modernizing three discrete provisions of the insurance law in order to streamline the conduct of the business of insurance in New York. The "insurance modernization act of 2014" would permit all forms of signa- tures for continuing insurance education course providers, expand immu- nity protection for companies reporting certain fire losses and allow advance premium cooperative investment in certificates of deposit. S 3. Paragraph 3 of subsection (i) of section 2132 of the insurance law, as added by chapter 656 of the laws of 1992, is amended to read as follows: (3) The completed applications shall be returned in a timely manner, as specified by the superintendent, PROVIDED THAT ANY SIGNATURE REQUIRE- MENTS SHALL BE DEEMED SATISFIED IF THE SIGNATURES COMPLY WITH SECTION FORTY-SIX OF THE GENERAL CONSTRUCTION LAW, with a non-refundable filing fee of two hundred dollars per organization, fifty dollars per course, program and seminar, and fifty dollars per instructor. S 4. Paragraph 6 of subsection (b) of section 3432 of the insurance law, as added by chapter 778 of the laws of 1986, is amended to read as follows: (6) information required by the insurer or provided by the insurer in the absence of fraud or bad faith to a local fire investigation agency [pursuant to section three thousand four hundred fifteen of this arti- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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