Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 21, 2014 |
signed chap.410 |
Oct 09, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to senate passed assembly ordered to third reading rules cal.438 substituted for a4833a |
Jun 17, 2014 |
referred to insurance delivered to assembly passed senate |
Jun 10, 2014 |
amended on third reading 3539a |
May 07, 2014 |
advanced to third reading |
May 06, 2014 |
2nd report cal. |
May 05, 2014 |
1st report cal.490 |
Jan 08, 2014 |
referred to insurance returned to senate died in assembly |
Mar 18, 2013 |
referred to insurance delivered to assembly passed senate |
Feb 27, 2013 |
advanced to third reading |
Feb 12, 2013 |
2nd report cal. |
Feb 11, 2013 |
1st report cal.56 |
Feb 05, 2013 |
referred to insurance |
Senate Bill S3539A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - 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
Actions
Votes
Bill Amendments
2013-S3539 - Details
2013-S3539 - Sponsor Memo
BILL NUMBER:S3539 TITLE OF BILL: An act to amend the insurance law, in relation to permitting certain agreements by domestic mutual insurance corporations PURPOSE: To permit domestic mutual insurance corporations to enter into certain compensation agreements with firms and corporations in which an officer or director has only an "indirect" pecuniary interest. SUMMARY OF PROVISIONS: Section 1: Amends Insurance Law Section 1209(f) that upon application be a domestic mutual insurance corporation, the superintendent may permit the insurance corporation to enter into such agreement with a firm or corporation that is a licensed producer if the superintendent determines that (1) the insurance corporation's policy- holders 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 corpo- ration's overall premium volume Section 2: Effective date. EXISTING LAW: Existing law prohibits domestic mutual insurance companies (except those organized before January 1, 1940 to do only marine protection and indemnity insurance) from entering into an agreement with any of the company's officers or directors, or with any firm or corpo-
2013-S3539 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3539 2013-2014 Regular Sessions I N S E N A T E February 5, 2013 ___________ 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 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
2013-S3539A (ACTIVE) - Details
2013-S3539A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3539A TITLE OF BILL: An act to amend the insurance law, in relation to permitting certain agreements by domestic mutual insurance corporations PURPOSE: To permit domestic mutual insurance corporations to enter into certain compensation agreements with firms and corporations in which an officer or director has only an "indirect" pecuniary interest. SUMMARY OF PROVISIONS: Section 1: Amends Insurance Law Section 1209(f) that upon application be a domestic mutual insurance corporation, the superintendent may permit the insurance corporation to enter into such agreement with a firm or corporation that is a licensed 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. It also requires the superintendent to review these agreements annually and gives him or her the power to revoke approval if the agreements no longer conform with the requirements in this section. Section 2: Effective date.
2013-S3539A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3539--A Cal. No. 490 2013-2014 Regular Sessions I N S E N A T E February 5, 2013 ___________ Introduced by Sen. SEWARD -- 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 -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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