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Assembly Bill A4705

2011-2012 Legislative Session

Requires the NYS health foundation and state insurance fund to file annual audited financial statements with the office of the state comptroller

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2011-A4705 (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §7317, Ins L; amd §99, Work Comp L
Versions Introduced in 2009-2010 Legislative Session:
A8399

2011-A4705 (ACTIVE) - Summary

Requires the New York state health foundation and the state insurance fund to file annual audited financial statements with the office of the state comptroller.

2011-A4705 (ACTIVE) - Bill Text download pdf 

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

                                  4705

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 7, 2011
                               ___________

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

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
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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07687-01-1

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