Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
vetoed memo.263 |
Nov 10, 2015 |
delivered to governor |
Jun 16, 2015 |
returned to senate passed assembly ordered to third reading rules cal.368 substituted for a6663 |
May 27, 2015 |
referred to insurance delivered to assembly passed senate |
May 20, 2015 |
advanced to third reading |
May 19, 2015 |
2nd report cal. |
May 18, 2015 |
1st report cal.686 |
Mar 30, 2015 |
referred to insurance |
Senate Bill S4599
Vetoed By Governor2015-2016 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D) Senate District
2015-S4599 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6663
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง6109, Ins L
2015-S4599 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4599 TITLE OF BILL: An act to amend the insurance law, in relation to authorizing the superintendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purposes of accumulating a subscriber's operating reserve PURPOSE OR GENERAL IDEA OF BILL: To authorize the Superintendent of the Department of Financial Services to suspend continued funding of subscriber operating reserves in appropriate circumstances. SUMMARY OF SPECIFIC PROVISIONS: Section 1 would amend section 6109 of the insurance law entitled "Subscriber's operating reserve". Section 2 of the bill provides for an immediate effective date. EXISTING LAW: Under current law, the superintendent may approve alternative methods for accumulating Subscriber operating reserves upon application from a reciprocal's Attorney-in-Fact. However, the existing law does not specifically provide that the Superintendent's discretion would include suspension of further crediting of underwriting earnings to a Subscribers operating reserve. JUSTIFICATION: Municipal Insurance Reciprocals are licensed by the State to provide a long term stable and secure insurance market for
2015-S4599 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 4599 A. 6663 2015-2016 Regular Sessions S E N A T E - A S S E M B L Y March 30, 2015 ___________ IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print- ed, and when printed to be committed to the Committee on Insurance IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to authorizing the super- intendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purposes of accumulating a subscriber's operating reserve THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection a of section 6109 of the insur- ance law, as amended by chapter 138 of the laws of 1987, is amended to read as follows: (3) Notwithstanding the foregoing, the superintendent may, upon appli- cation from the attorney-in-fact, approve other methods for accumulating such subscriber's operating reserve, INCLUDING FOR MUNICIPAL RECIPROCAL INSURERS, THE SUSPENSION OF CREDITING OF UNDERWRITING EARNINGS FOR A FISCAL YEAR SO LONG AS THOSE SAME AMOUNTS ARE RETURNED DIRECTLY TO MUNICIPAL SUBSCRIBERS IN THE YEAR IMMEDIATELY FOLLOWING THE FISCAL YEAR FOR WHICH SAID UNDERWRITING EARNINGS WERE GENERATED AND FOR WHICH SUSPENSION OF FUNDING OF THE OPERATING RESERVE WAS AUTHORIZED BY THE SUPERINTENDENT. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10161-01-5
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