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Assembly Bill A3790

2011-2012 Legislative Session

Authorizes the superintendent of insurance to suspend the risk to capital requirement for writing new mortgage guaranty insurance risks

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Archive: Last Bill Status - In Assembly Committee

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2011-A3790 (ACTIVE) - Details

See Senate Version of this Bill:
S4951
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง6502, Ins L
Versions Introduced in 2009-2010 Legislative Session:
A10712, S6270

2011-A3790 (ACTIVE) - Summary

Grants the superintendent of insurance the power to suspend the requirement of a mortgage guaranty insurer to maintain a minimum policyholder surplus in relation to its outstanding risk in order for the insurer to write new business.

2011-A3790 (ACTIVE) - Bill Text download pdf 

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

                                  3790

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 27, 2011
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law,  in  relation  to  mortgage  guaranty
  insurance and reinsurance and policyholders' surplus

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 1 of subsection (b) of section 6502 of the insur-
ance law, as amended by chapter 517 of the laws of 1989, is  amended  to
read as follows:
  (1)  EXCEPT AS MAY BE OTHERWISE PERMITTED BY THE SUPERINTENDENT UPON A
FINDING THAT IT WOULD NOT BE PREJUDICIAL TO THE INTERESTS OF THE  PEOPLE
OF  THIS  STATE,  have outstanding a total liability under its aggregate
insurance  policies  exceeding  twenty-five  times  its   policyholders'
surplus,  computed  on  the  basis  of the company's liability under its
election as provided in subsection (c)  of  section  six  thousand  five
hundred  three  of this article. Total liability shall be calculated net
of applicable reinsurance. [No] SUBJECT TO SUCH EXCEPTION  PERMITTED  BY
THE  SUPERINTENDENT,  NO  company  which has outstanding total liability
exceeding twenty-five times its policyholders'  surplus  shall  transact
new  business  until  its  total liability no longer exceeds twenty-five
times its policyholders' surplus. THE TERM OF EACH  EXCEPTION  PERMITTED
BY  THE SUPERINTENDENT FOR A MORTGAGE INSURER SHALL NOT EXCEED TWO YEARS
AND CONSECUTIVE EXCEPTIONS PERMITTED FOR A MORTGAGE INSURER  WITHOUT  AN
INTERVENING  ONE-YEAR  PERIOD  OF COMPLIANCE WITH THE LIABILITY LIMIT IN
THIS SUBSECTION SHALL NOT EXCEED A TOTAL OF FOUR YEARS;
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05246-01-1

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