Senate Bill S4463

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

                                 4463--A
    Cal. No. 36

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 23, 2009
                               ___________

Introduced  by  Sen. BRESLIN -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the  Committee  on Insurance -- recommitted to the Committee on Insur-
  ance 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 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

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

                                                           LBD10327-02-9

S. 4463--A                          2

liability  and  workers'  compensation  corporations  by  section  three
hundred  seven of the insurance law, and the superintendent of insurance
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.