S T A T E O F N E W Y O R K
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8399--A
2009-2010 Regular Sessions
I N A S S E M B L Y
May 19, 2009
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Introduced by M. of A. MORELLE -- (at request of the State Comptroller)
-- read once and referred to the Committee on Insurance -- recommitted
to the Committee on Insurance in accordance with Assembly Rule 3, sec.
2 -- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
AN ACT to amend the insurance law and the workers' compensation law, in
relation to requiring the New York state health foundation and the
state insurance fund to file annual audited financial statements with
the office of the state comptroller
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 9 of subsection (k) of section 7317 of the insur-
ance law, as added by section 10 of part A of chapter 1 of the laws of
2002, is amended to read as follows:
(9) The charitable organization receiving the charitable asset agrees
in writing to register and file annual financial reports with the attor-
ney general in compliance with section 8-1.4 of the estates, powers, and
trusts law and to post its registration filing and annual reports elec-
tronically on the internet. FINANCIAL STATEMENTS AUDITED BY A CERTIFIED
PUBLIC ACCOUNTANT SHALL ALSO BE FILED ANNUALLY WITH THE COMPTROLLER
WITHIN ONE HUNDRED FIFTY DAYS FROM THE END OF EACH FISCAL YEAR. A COPY
OF THE FINANCIAL STATEMENT AUDITOR'S REPORT SHALL ACCOMPANY ANY FINAN-
CIAL STATEMENT SUBMITTED PURSUANT TO THIS PARAGRAPH.
S 2. Section 99 of the workers' compensation law, as amended by chap-
ter 805 of the laws of 1984, is amended to read as follows:
S 99. Reports of state insurance fund[; examination by insurance
department]. 1. The commissioners shall make separate reports to the
superintendent of insurance concerning the state insurance fund at the
same time and in the same manner as is required from mutual employer's
liability and workers' compensation corporations by section three
hundred seven of the insurance law, and the superintendent of insurance
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10327-03-9
A. 8399--A 2
may examine into the condition of such state insurance fund at any time,
either personally or by any duly authorized examiner appointed by him
for the purpose of determining the condition of the investments and the
adequacy of the reserves of such fund and such other matters as shall be
in the jurisdiction of the superintendent of insurance.
2. THE COMMISSIONERS SHALL FILE ANNUALLY WITH THE STATE COMPTROLLER,
ON OR BEFORE JUNE FIFTEENTH, FINANCIAL STATEMENTS FOR THE STATE INSUR-
ANCE FUND AUDITED BY AN INDEPENDENT AUDITOR. SUCH STATEMENTS SHALL BE
PREPARED IN THE SAME MANNER AS REPORTS FILED WITH THE SUPERINTENDENT OF
INSURANCE UNDER SUBDIVISION ONE OF THIS SECTION. A COPY OF THE INDEPEND-
ENT AUDITOR'S REPORT SHALL ACCOMPANY ANY FINANCIAL STATEMENTS SUBMITTED
PURSUANT TO THIS SUBDIVISION.
S 3. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law.