S T A T E O F N E W Y O R K
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
(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
(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.
S. 6526--A 2
cle] OF A "MUNICIPAL CORPORATION" AS DEFINED IN SECTION TWO OF THE
GENERAL MUNICIPAL LAW.
S 5. 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 6. This act shall take effect immediately.