Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 18, 2012 |
signed chap.173 |
Jul 06, 2012 |
delivered to governor |
Jun 19, 2012 |
returned to assembly passed senate 3rd reading cal.475 substituted for s6710a |
Jun 14, 2012 |
referred to rules delivered to senate passed assembly |
Jun 11, 2012 |
ordered to third reading rules cal.136 rules report cal.136 reported |
Jun 06, 2012 |
reported referred to rules |
May 30, 2012 |
print number 10391a |
May 30, 2012 |
amend and recommit to insurance |
May 24, 2012 |
referred to insurance |
Assembly Bill A10391
Signed By Governor2011-2012 Legislative Session
Sponsored By
QUART
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
co-Sponsors
Joseph Morelle
Annette Robinson
2011-A10391 - Details
- See Senate Version of this Bill:
- S6710
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L
2011-A10391 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10391 I N A S S E M B L Y May 24, 2012 ___________ Introduced by M. of A. QUART, MORELLE, ROBINSON -- (at request of the Department of Financial Services) -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to risk-based capital for property/casualty insurers; to amend the financial services law, in relation to annual reports of the superintendent; and to repeal certain provisions of the insurance law and the banking law relating to annual reporting requirements of the superintendent of financial services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (d) of section 1324 of the insurance law, as added by chapter 631 of the laws of 2007, is amended to read as follows: (1) "Company action level event" means, with respect to a domestic insurer: (A) The filing by the insurer of an RBC report indicating that the insurer's total adjusted capital is greater than or equal to its regula- tory action level RBC but less than its company action level RBC; (B) The notification by the superintendent to the insurer of an adjusted RBC report that indicates the occurrence of an event described in subparagraph (A) of this paragraph, provided the insurer does not challenge the adjusted RBC report under subsection (h) of this section; [or] (C) If, under subsection (h) of this section, the insurer challenges an adjusted RBC report that indicates the occurrence of an event described in subparagraph (A) of this paragraph, the notification by the superintendent to the insurer that the superintendent has, after a hear- ing, rejected the insurer's challenge[.]; OR (D) THE FILING BY THE INSURER OF AN RBC REPORT INDICATING THAT THE INSURER HAS TOTAL ADJUSTED CAPITAL THAT IS GREATER THAN OR EQUAL TO ITS COMPANY ACTION LEVEL RBC, BUT LESS THAN THE PRODUCT OF THREE POINT ZERO AND ITS AUTHORIZED CONTROL LEVEL RBC, AND WITH A COMBINED RATIO GREATER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14841-02-2
co-Sponsors
Joseph Morelle
Annette Robinson
2011-A10391A (ACTIVE) - Details
- See Senate Version of this Bill:
- S6710
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L
2011-A10391A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10391--A I N A S S E M B L Y May 24, 2012 ___________ Introduced by M. of A. QUART, MORELLE, ROBINSON -- (at request of the Department of Financial Services) -- 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 commit- tee AN ACT to amend the insurance law, in relation to risk-based capital for property/casualty insurers; to amend the financial services law, in relation to annual reports of the superintendent; and to repeal certain provisions of the insurance law and the banking law relating to annual reporting requirements of the superintendent of financial services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (d) of section 1324 of the insurance law, as added by chapter 631 of the laws of 2007, is amended to read as follows: (1) "Company action level event" means, with respect to a domestic insurer: (A) The filing by the insurer of an RBC report indicating that the insurer's total adjusted capital is greater than or equal to its regula- tory action level RBC but less than its company action level RBC; (B) The notification by the superintendent to the insurer of an adjusted RBC report that indicates the occurrence of an event described in subparagraph (A) of this paragraph, provided the insurer does not challenge the adjusted RBC report under subsection (h) of this section; [or] (C) If, under subsection (h) of this section, the insurer challenges an adjusted RBC report that indicates the occurrence of an event described in subparagraph (A) of this paragraph, the notification by the superintendent to the insurer that the superintendent has, after a hear- ing, rejected the insurer's challenge[.]; OR (D) THE FILING BY THE INSURER OF AN RBC REPORT INDICATING THAT THE INSURER HAS TOTAL ADJUSTED CAPITAL THAT IS GREATER THAN OR EQUAL TO ITS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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