|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 06, 2010||referred to insurance|
|Mar 18, 2009||committee discharged and committed to insurance|
|Jan 12, 2009||referred to finance|
senate Bill S643
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S643 - Details
- Current Committee:
- Law Section:
S643 - Sponsor Memo
BILL NUMBER: S643 TITLE OF BILL : An act to amend the insurance law, in relation to establishing the New York state catastrophe fund authority act and making an appropriation therefor PURPOSE : This is a study bill to obtain comments on establishing a New York State Catastrophe Fund Authority. Once established, this Fund could be expanded to cover catastrophic losses in other states or regions of the country. Such an Authority, if established, could help to stabilize the property/casualty insurance market for residential and commercial properties in this state if a mega catastrophe affected New York. The purpose of this bill is to develop, on a consensus basis, a financing mechanism to facilitate the accumulation of surplus capital so that money will be available should a covered catastrophic event strike the state. In addition, a regional or national approach may be needed to address catastrophic losses in the United States. However, the U.S. Congress has been hesitant to begin discussions on establishing such a federally sponsored national catastrophe fund.
S643 - Bill Text download pdf
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