senate Bill S2875

2011-2012 Legislative Session

Permits certain agreements by domestic mutual insurance corporations

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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 07, 2012 referred to insurance
delivered to assembly
passed senate
Feb 06, 2012 advanced to third reading
Jan 31, 2012 2nd report cal.
Jan 30, 2012 1st report cal.133
Jan 04, 2012 referred to insurance
returned to senate
died in assembly
Jun 07, 2011 referred to insurance
delivered to assembly
passed senate
Mar 23, 2011 advanced to third reading
Mar 22, 2011 2nd report cal.
Mar 21, 2011 1st report cal.240
Feb 02, 2011 referred to insurance

Votes

view votes

Jan 30, 2012 - Insurance committee Vote

S2875
17
1
committee
17
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Mar 21, 2011 - Insurance committee Vote

S2875
16
1
committee
16
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Mar 21, 2011

nay (1)
aye wr (1)

S2875 - Details

See Assembly Version of this Bill:
A6788
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd ยง1209, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S7794A, A11340A

S2875 - Summary

Permits certain agreements by domestic mutual insurance corporations.

S2875 - Sponsor Memo

S2875 - Bill Text download pdf

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

                                  2875

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 2, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in  relation  to  permitting  certain
  agreements by domestic mutual insurance corporations

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

  Section 1. Subsection (f) of section 1209  of  the  insurance  law  is
amended to read as follows:
  (f) No domestic mutual insurance corporation, except a domestic mutual
insurance company organized before January first, nineteen hundred forty
to  do  only marine protection and indemnity insurance, shall enter into
any agreement with any of the officers or directors, or with any firm or
corporation in which any such officer or director is pecuniarily  inter-
ested  directly  or indirectly, whereby the insurance corporation agrees
to pay, for the acquisition of business, any commission or other compen-
sation which under the agreement  is  increased  or  diminished  by  the
amount  of  such  business or by the insurance corporation's earnings on
such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY  A
DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE
INSURANCE  CORPORATION  TO  ENTER  INTO SUCH AN AGREEMENT WITH A FIRM OR
CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE  SUPERINTENDENT
DETERMINES  THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT
BE ADVERSELY AFFECTED; (2) THE OFFICER  OR  DIRECTOR  HAS  NO  PECUNIARY
INTEREST  DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE
OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD  NOT
BE  MATERIAL  IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM
VOLUME.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08907-01-1

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