NY State Senate Bill 2013-S3327

Senate Bill S3327

2013-2014 Legislative Session

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services

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Archive: Last Bill Status - In Senate Committee Insurance 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2014	referred to insurance
Jan 31, 2013	referred to insurance

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2013-S3327 (ACTIVE) - Details

Current Committee:: Senate Insurance
Law Section:: Insurance Law
Laws Affected:: Add §342, Ins L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S7531
2011-2012: S3271
2015-2016: S2195
2017-2018: S5177
2019-2020: S2556
2021-2022: S3384
2023-2024: S1508

2013-S3327 (ACTIVE) - Summary

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.

2013-S3327 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3327

TITLE  OF  BILL:    An  act to amend the insurance law, in relation to
requiring  all  motor  vehicle  insurers  to  file  annual   financial
statements   and  detailed  claim  data  with  the  superintendent  of
financial services

PURPOSE OF BILL:  The bill expands upon  current  insurance  reporting
laws   by  providing  for  more  detailed  reporting  requirements  of
automobile insurers' "financial statements" and "closed claims"  data.
This  enhanced data collection will provide lawmakers with a source of
reliable and accessible data that will better enable them to  evaluate
automobile insurance and assist in providing an optimal product to New
York citizens.

SUMMARY  OF  PROVISIONS OF BILL:  The proposed language provides for a
publicly accessible and neutral method for the  systematic  collection
of   automobile  insurers'  financial  and  closed  claims  data.  The
supplemental financial disclosure requirements stipulate that insurers
must provide detailed information concerning all sources  of  "income"
including,  but  not limited to, data on premiums received, investment
income, and profit from  the  sale  of  assets.  Detailed  information
regarding expenses must also be provided, including, expenses actually
incurred  and  paid,  normal business expenses, salaries, commissions,
consulting fees, legal expenses, and advertising costs. A synopsis  of
the  total  claims or settlements paid in each financial statement and

specific data on claims that have  been  settled  with  or  without  a
payment (closed claims) must also be provided.

Additionally, all submitted data must be signed by the insurer's chief
executive  officer,  attesting  its' accuracy. Civil penalties will be
assessed against companies  that  fail  to  comply  with  any  of  the
provisions of the bill. The proposal also indicates that the insurance
department  must  make all information publicly available to consumers
on the department's web site.

JUSTIFICATION:  Automobile insurance is a vital part of the  New  York
State  economy  and is of high importance to the citizens of New York.
Personal automobile insurance premiums  in  2008  were  $9.8  billion.
Commercial  automobile  insurance  premiums in 2008 were $2.0 billion.
Automobile liability insurance protects against the  possible  adverse
financial  consequences  of  being  held  liable for damage to another
person or another's  property.  Personal  injury  protection  provides
first  party medical benefits when an injury arises from an automobile
accident, as well as,  providing  other  financial  benefits  such  as
partial  wage  loss  reimbursement.  Physical  damage insurance covers
damage to the policyholder's own  vehicle;  which  is  often  one  the
largest  financial assets of a person; as well as being vital to other
aspects of a person's life such as transportation to and from work.  A
failure  to  have  fairly  priced  automobile  insurance with adequate
benefits from solvent insurance companies could have dire consequences
for New York.

Given the significance of automobile insurance to New York  State  and
its  citizens,  the State has a compelling public interest in ensuring
that the parties with a  stake  in  the  transactions;  policyholders,


insurance  companies  and  the general public; are all treated fairly.
It is also important to ensure  that  the  benefits  to  citizens  are
adequate, that insurance companies have the opportunity to earn a fair
profit,  that  insurance  companies  will  be able to make good on the
promises contained in insurance policies, and that insurance companies
operate in a fair efficient manner. In order for lawmakers to be  able
to   carefully  evaluate  various  alternatives  for  achieving  these
objectives, it is vital that information about automobile insurance be
available.

There are many entities that give the insurance industry's perspective
on automobile insurance. These  entities  include  Insurance  Services
Office  (ISO),  the Insurance Research Council (IRC) and the Insurance
Information  Institute  (III).  ISO  submits  filings  on  behalf   of
insurance  companies to the Department of Insurance. The IRC is funded
and operated by a consortium of insurance  companies  which  publishes
"studies"  which  merit  careful  analysis.  A  recent IRC publication
regarding automobile injury  claims(1)  stated  "Shifts  in  treatment
alternatives  and increased costs have led to the continued escalation
of medical care expenses,"  "Total  claimed  losses  and  total  claim
payments  have  grown  faster  than inflation, spurred by increases in
medical  expenses"  and  "Attorney  involvement  is  associated   with
extensive  medical  treatment,  elevated claimed losses, and lower net
compensation for claimants."

The III acts as an advocate  for  the  insurance  industry.  A  recent
document  by the III(2) claims that the New York No-Fault system is in
"crisis" and  "out  of  control."  The  III  then  suggests  insurance
industry  "solutions"  to  these  alleged  "problems."  However, it is
impossible to discern the veracity or accuracy of the  contentions  of
the  IRC  or  the III absent analysis of their underlying data. All of
these  insurance  industry  organizations  have  access  to   detailed
financial  and  claim  data  that  insurance  companies  do  not  make
available to the public.

As things currently stand, no independent and neutral mechanism exists
to determine the root cause of declared insurance "crises" and  policy
cancellations.  And, because the insurers typically refuse requests,to
produce more detailed data, lawmakers and consumers have  to  rely  on
the industry's reports to make policy decisions.

Clearly,  independent,  objective  and  accurate  data  is  needed  so
lawmakers and the public can conduct  sound  analyses  in  reaching  a
public  policy  decision  that  impacts millions of New York citizens.
For example, more detailed claim data would  help  in  evaluating  the
insurance  industry  claims that the no-fault system is out of control
and that benefits to consumers need to be restricted. In  the  absence
of  this  basic  data, it is impossible for lawmakers and consumers to
engage in rational decision-making about insurance industry  proposals
that would severely limit consumer rights.

In  order  to  level  the  playing  field,  and  have a vibrant public
discussion and analysis of the issues involving automobile  insurance,
it is critically important that all parties involved in the discussion
of automobile insurance have access to comprehensive information. This
bill  takes  a  step  in  that  direction by starting to make publicly
available certain information that insurance companies  have  resisted


disclosing.   This  bill  will  provide  for  the  vigilant  financial
examination of insurer activities  and  allows  consumers  to  monitor
insurance industry for fair treatment.

LEGISLATIVE  HISTORY:   2009-10: S.7531/A.10738 (Weinstein) - Referred
to Insurance

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:  None.

EFFECTIVE DATE: Immediately.

FOOTNOTES:

(1)  Insurance  Research  Council,  Auto  Injury   Insurance   Claims:
Countrywide   Patterns  in  Treatment  Cost,  and  Compensation,  2008
Edition, January 2008, at 4 - 5. This report states that detailed data
on more than 1,500 New York automobile claims was collected,  but  the
IRC  has not made that information public so that other entities could
perform their own analysis

(2) Insurance Information Institute, New York PIP Insurance Update, Is
New York's No-Fault Crisis Returning?, November 5, 2009.

2013-S3327 (ACTIVE) - Bill Text download pdf

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

                                  3327

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 31, 2013
                               ___________

Introduced  by Sens. HASSELL-THOMPSON, KRUEGER -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Insur-
  ance

AN  ACT  to  amend the insurance law, in relation to requiring all motor
  vehicle insurers to file  annual  financial  statements  and  detailed
  claim data with the superintendent of financial services

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

  Section 1.  Legislative  intent.  The  legislature  hereby  finds  and
declares that insurance companies issuing motor vehicle policies in this
state owe a duty to those they insure and to those who may in the future
be insured by them, to fully disclose in a public and transparent manner
all  elements  relating  to their financial condition and solvency. Such
obligation is essential in maintaining the public's  inherent  right  to
know  the  details  and  specifics of such insurer's expenses and claims
history on a global basis so, as consumers, they can make a reasoned and
rational selection of the insurer with which they intend to do business.
As premiums escalate, it is more incumbent on  such  insurers  to  honor
this  obligation by making the public aware of the rationale they use in
determining the premiums they charge, and it is the sense of the  legis-
lature  that where the data used is available, it should be disclosed in
an open and public manner.
  S 2. The insurance law is amended by adding a new section 342 to  read
as follows:
  S  342.  FINANCIAL  STATEMENT AND DETAILED CLAIM DATA TO BE FILED WITH
THE DEPARTMENT.  (A) FOR PURPOSES OF THIS SECTION,  THE  TERM  "INSURER"
SHALL MEAN ANY PERSON, CORPORATION, ASSOCIATION OR OTHER BUSINESS ENTITY
AUTHORIZED TO ISSUE A MOTOR VEHICLE INSURANCE POLICY IN THIS STATE.
  (B) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH A DETAILED FINANCIAL STATEMENT TO SUPPLEMENT AND
EXPAND  UPON THE INFORMATION CONTAINED IN THE STATUTORY ANNUAL STATEMENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03703-01-3

S. 3327                             2

FOR THE MOST RECENTLY CONCLUDED CALENDAR YEAR. THE  FINANCIAL  STATEMENT
SHALL CONTAIN INFORMATION ON A COMBINED BASIS FOR ALL LINES OF INSURANCE
AS  WELL  AS  INFORMATION  SEPARATELY FOR EACH OF THE FOLLOWING LINES OF
INSURANCE: (1) PRIVATE PASSENGER AUTOMOBILE OTHER LIABILITY, (2) PRIVATE
PASSENGER  AUTOMOBILE  PERSONAL INJURY PROTECTION, (3) PRIVATE PASSENGER
AUTOMOBILE PHYSICAL DAMAGE, (4) COMMERCIAL AUTOMOBILE  OTHER  LIABILITY,
(5) COMMERCIAL AUTOMOBILE PERSONAL INJURY PROTECTION, AND (6) COMMERCIAL
AUTOMOBILE  PHYSICAL DAMAGE.  THAT FINANCIAL STATEMENT SHALL INCLUDE THE
ENTIRETY  OF  ITS  BUSINESS  ACTIVITIES  CONDUCTED  IN  THIS  STATE,  OR
CONDUCTED  OUTSIDE  THIS STATE, BUT HAVING A NEXUS TO INSURANCE POLICIES
OR CONTRACTS OF INSURANCE INSURING  PERSONS  OR  RISKS  IN  THIS  STATE,
CONSISTENT  WITH THE PROCEDURES FOR DETERMINING NEW YORK STATE INSURANCE
BUSINESS FOR STATUTORY ANNUAL STATEMENT REPORTING PURPOSES. SUCH  STATE-
MENT SHALL BE IN A FORM DETERMINED BY THE SUPERINTENDENT. THE FORM SHALL
BE  SUFFICIENTLY  ITEMIZED  IN  A  MANNER THAT ALLOWS FOR AN ACTUARIALLY
SOUND ANALYSIS OF THE INCOME REALIZED BY THE INSURER  FROM  ALL  SOURCES
DURING  SUCH  YEAR,  INCLUDING  BUT  NOT LIMITED TO PREMIUMS, INVESTMENT
INCOME, PROFIT FROM SALE OF ASSETS AND ANY OTHER CATEGORY OR  CATEGORIES
OF  INCOME  AS  DETERMINED  BY  THE  SUPERINTENDENT  TO REFLECT THE FULL
DISCLOSURE REQUIREMENTS OF THIS SECTION. AT A MINIMUM, SUCH  INFORMATION
SHALL CONSIST OF THE ITEMS SET FORTH IN THE STATEMENT OF INCOME, EXCLUD-
ING  THE  CAPITAL  AND  SURPLUS ACCOUNT SECTION OF THE PROPERTY/CASUALTY
STATUTORY ANNUAL STATEMENT, AS APPLICABLE  TO  THE  INSURER'S  NEW  YORK
STATE  BUSINESS,  AS  WELL  AS  THE OTHER INFORMATION DELINEATED IN THIS
SUBSECTION. SUCH FINANCIAL STATEMENT SHALL ALSO CONTAIN A  COMPREHENSIVE
AND  DETAILED DISCLOSURE OF THE INSURER'S EXPENSES ACTUALLY INCURRED AND
PAID DURING SUCH CALENDAR YEAR, TO  INCLUDE  NORMAL  BUSINESS  EXPENSES,
SALARIES,  COMMISSIONS,  CONSULTING  FEES,  LEGAL  EXPENSES, ADVERTISING
COSTS AND ANY OTHER CATEGORY DEEMED PERTINENT  TO  THE  INTENT  OF  THIS
SECTION. AT A MINIMUM, THE EXPENSE INFORMATION REQUIRED SHALL CONSIST OF
THE  ITEMS SET FORTH IN THE UNDERWRITING AND INVESTMENT EXHIBIT - PART 3
- EXPENSES OF THE PROPERTY / CASUALTY  STATUTORY  ANNUAL  STATEMENT,  AS
APPLICABLE  TO  THE  INSURER'S  NEW YORK STATE BUSINESS. WITH RESPECT TO
SALARIES (INCLUDING ALL OTHER FORMS OF COMPENSATION), EACH INSURER SHALL
ITEMIZE THE SALARY OF THE TWENTY MOST HIGHLY  COMPENSATED  EMPLOYEES  OF
SUCH  INSURER DURING SUCH YEAR, PROVIDED THAT THE NAME OF SUCH EMPLOYEES
NEED NOT BE DISCLOSED. SUCH FINANCIAL STATEMENT SHALL ALSO  PROVIDE  THE
PUBLIC  WITH  A  SYNOPSIS OF CLAIMS OR SETTLEMENTS PAID PURSUANT TO SUCH
POLICIES OR CONTRACTS, LISTING THE TOTAL OF SUCH CLAIMS AND  SETTLEMENTS
BY TYPE OF INSURANCE OR THE RISK INSURED. AT A MINIMUM, THE CLAIM INFOR-
MATION  REQUIRED  SHALL CONSIST OF THE ITEMS SET FORTH IN THE EXHIBIT OF
PREMIUMS AND LOSSES OF THE PROPERTY / CASUALTY STATUTORY  ANNUAL  STATE-
MENT, AS APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS AND IDENTI-
FIED  AND  CATEGORIZED SEPARATELY FOR EACH ZIP CODE IN THIS STATE.  SUCH
FINANCIAL STATEMENT SHALL BE SIGNED AND ATTESTED AS FULL,  COMPLETE  AND
ACCURATE  BY  THE  CHIEF EXECUTIVE OFFICER OF THE INSURER, AND HE OR SHE
SHALL BE HELD PERSONALLY RESPONSIBLE WITH RESPECT TO THE ACCURACY OF THE
CONTENT OF SUCH STATEMENT. THE  SUPERINTENDENT  SHALL  PROVIDE  INSURERS
WITH  A  METHOD  TO SUBMIT THEIR FINANCIAL STATEMENTS ELECTRONICALLY VIA
THE INTERNET, WHICH METHOD SHALL INCLUDE INSTRUCTIONS  RELATING  TO  THE
USE  OF AN ELECTRONIC SIGNATURE WHICH SHALL BE SUBJECT TO, AND SUBMITTED
IN ACCORDANCE WITH  SECTION  THREE  HUNDRED  SIXTEEN  OF  THIS  ARTICLE;
PROVIDED,  HOWEVER,  THAT NO EXCEPTION AUTHORIZED IN SUCH SECTION MAY BE
REQUESTED OR GRANTED.
  (C) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH DETAILED CLOSED CLAIM INFORMATION FOR  THE  SAME

S. 3327                             3

LINES  OF  INSURANCE  PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION FOR
THE MOST RECENTLY CONCLUDED  CALENDAR  YEAR.  UNTIL  THE  SUPERINTENDENT
PROMULGATES  DATA  COLLECTION FORMS AND PROCEDURES FOR PRIVATE PASSENGER
AUTOMOBILE  INSURANCE,  DATA SHALL BE COLLECTED USING, AT A MINIMUM, THE
MOST RECENT PUBLICLY AVAILABLE FORMS  USED  BY  THE  INSURANCE  RESEARCH
COUNCIL FOR ITS AUTO INJURY SURVEY. THE SUPERINTENDENT MAY REQUIRE ADDI-
TIONAL  INFORMATION  BEYOND THAT WHICH IS CONTAINED IN SUCH SURVEY IF HE
OR SHE DEEMS IT NECESSARY AND WARRANTED.  INSTEAD OF COLLECTING INFORMA-
TION FOR ALL PRIVATE PASSENGER AUTOMOBILE CLAIMS THE SUPERINTENDENT  MAY
COLLECT  DATA  FOR  A  STATISTICALLY VALID SAMPLE OF CLAIMS. THE MINIMUM
SAMPLE SIZE SHALL REPRESENT FIVE PER CENTUM OF THE NUMBER OF CLAIMS  FOR
EACH  YEAR.  UNTIL  THE SUPERINTENDENT PROMULGATES DATA COLLECTION FORMS
AND PROCEDURES  FOR  COMMERCIAL  AUTOMOBILE  INSURANCE,  DATA  SHALL  BE
COLLECTED  USING  INFORMATION  WHICH  MAY  BE  AVAILABLE  FROM ANY OTHER
SOURCE. FOR COMMERCIAL AUTOMOBILE CLAIMS, INSTEAD OF COLLECTING INFORMA-
TION FOR ALL CLAIMS THE SUPERINTENDENT MAY COLLECT DATA  FOR  A  STATIS-
TICALLY  VALID SAMPLE OF CLAIMS. THE MINIMUM SAMPLE SIZE SHALL REPRESENT
TEN PER CENTUM OF THE NUMBER OF CLAIMS FOR EACH YEAR FOR  SUCH  LINE  OF
INSURANCE.  SUCH  DETAILED  CLAIM  DATA  SHALL BE SIGNED AND ATTESTED AS
FULL, COMPLETE AND ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSUR-
ER, AND HE OR SHE SHALL BE HELD PERSONALLY RESPONSIBLE WITH  RESPECT  TO
THE  ACCURACY OF THE DATA. THE DETAILED CLAIM DATA SHALL BE SUBMITTED IN
THE SAME MANNER AS PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION.
  (D) THE SUPERINTENDENT SHALL, IN BOTH WRITTEN FORM AND AS PART OF  THE
DEPARTMENT  WEB  SITE, MAKE SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION AVAILABLE TO THE  PUBLIC.  THE  DETAILED  CLAIM  INFORMATION
SHALL  BE  PROVIDED  IN AGGREGATE FORM FOR ALL INSURERS COMBINED WITHOUT
ANY IDENTIFICATION OF A SPECIFIC CLAIM TO A SPECIFIC  INSURER.  NONE  OF
THE  PUBLICLY  AVAILABLE  DETAILED  CLAIM INFORMATION SHALL IDENTIFY THE
INDIVIDUAL INSURER, DEFENDANT OR PLAINTIFF ASSOCIATED  WITH  THE  CLAIM.
SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM INFORMATION SHALL BE DEEMED
A  PUBLIC DOCUMENT AND NO PERSON SHALL BE REQUIRED TO FILE A REQUEST FOR
SUCH FINANCIAL STATEMENTS PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS
LAW IN ORDER TO RECEIVE A COPY THEREOF, BUT UPON REQUEST AND PAYMENT  OF
THE FEE FOR COPYING SUCH DOCUMENT, IT SHALL BE PROVIDED. WITH RESPECT TO
THE  ELECTRONIC  COPY  OF  SUCH  FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION, WHICH SHALL BE ACCESSIBLE ON THE DEPARTMENT'S WEB SITE, THE
DEPARTMENT SHALL HIGHLIGHT THE AVAILABILITY OF SUCH INFORMATION  TO  THE
PUBLIC ON SUCH WEB SITE, AND THE LINK TO EACH INSURER'S FINANCIAL STATE-
MENT  AND  THE AGGREGATED DETAILED CLAIM INFORMATION SHALL BE ACCESSIBLE
IN A SIMPLE AND EASY MANNER. BOTH THE FINANCIAL STATEMENT AND AGGREGATED
DETAILED CLAIM INFORMATION ON THE DEPARTMENT WEB SITE SHALL BE AVAILABLE
IN EXCEL FORMAT, IN ADDITION TO  ANY  OTHER  FORMAT  THE  SUPERINTENDENT
DETERMINES IS APPROPRIATE.
  (E)  ON  OR  BEFORE  JULY FIRST OF EACH YEAR, THE SUPERINTENDENT SHALL
ISSUE REPORTS SUMMARIZING AND EXPLAINING THE INFORMATION COLLECTED  FROM
THE  FINANCIAL  STATEMENTS AND THE DETAILED CLAIM INFORMATION. COPIES OF
SUCH REPORTS SHALL BE  FORWARDED  TO  THE  TEMPORARY  PRESIDENT  OF  THE
SENATE,  THE  SPEAKER  OF THE ASSEMBLY AND THE CHAIRS OF BOTH THE SENATE
AND ASSEMBLY INSURANCE COMMITTEES. SUCH REPORTS SHALL  BE  PUBLIC  DOCU-
MENTS AND SHALL BE ACCESSIBLE BOTH IN PAPER COPY AND ON THE DEPARTMENT'S
WEB SITE.
  (F)  WHERE  AN  INSURER FAILS OR REFUSES TO PROVIDE THE SUPERINTENDENT
WITH A FULL AND COMPLETE DISCLOSURE AS REQUIRED  BY  THIS  SECTION,  THE
SUPERINTENDENT SHALL TAKE SUCH ACTION HE OR SHE DEEMS NECESSARY TO BRING
THE INSURER INTO FULL COMPLIANCE.  SUCH ACTION MAY INCLUDE IMPOSITION OF

S. 3327                             4

A  CIVIL  PENALTY  OF  UP TO FIFTY THOUSAND DOLLARS ASSESSED AGAINST THE
INSURER FOR EACH VIOLATION, TEMPORARY SUSPENSION OF ANY RIGHT  TO  ISSUE
ADDITIONAL  POLICIES  OR  CONTRACTS UNTIL THE INSURER BRINGS ITSELF INTO
FULL  COMPLIANCE, AN AUDIT OF THE INSURER'S RECORDS BY THE DEPARTMENT OR
ITS DESIGNATED REPRESENTATIVE TO OBTAIN THE INFORMATION AND WHICH  AUDIT
SHALL  BE  PAID FOR BY THE INSURER, OR ANY OTHER CIVIL REMEDY THE SUPER-
INTENDENT  DEEMS  WARRANTED  OR  NECESSARY  UNTIL  SUCH  INSURER   FULLY
COMPLIES.  IN  ADDITION  THE  OFFICER WHOSE SIGNATURE IS AFFIXED TO SUCH
STATEMENT MAY BE PERSONALLY PENALIZED TO THE SAME EXTENT.
  (G) THE SUPERINTENDENT MAY PROMULGATE SUCH RULES AND REGULATIONS HE OR
SHE DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE  PROVISIONS  OF
THIS  SECTION,  AND  SUCH RULES AND REGULATIONS MAY BE PROMULGATED ON AN
EMERGENCY BASIS IF THE SUPERINTENDENT WARRANTS SUCH ACTION TO BE  NECES-
SARY.
  S 3. Severability. If any item, clause, sentence, subparagraph, subdi-
vision  or  other  part  of  this act, or the application thereof to any
person or circumstances shall be held to be invalid, such holding  shall
not  affect, impair or invalidate the remainder of this act but it shall
be confined in its operation to the  item,  clause,  sentence,  subpara-
graph,  subdivision  or other part of this act directly involved in such
holding, or to the person and circumstances therein involved.
  S 4. This act shall take effect immediately.

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Senate Bill S3327

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