Senate Bill S3400

2011-2012 Legislative Session

Amends the insurance and tax law in relation to excess line insurance

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Archive: Last Bill Status - In Senate Committee Insurance Committee


  • 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

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Bill Amendments

2011-S3400 - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd Ins L, generally; amd §§1550, 1551 & 1552, Tax L

2011-S3400 - Summary

Amends certain provisions of the insurance and tax law concerning excess line insurance.

2011-S3400 - Sponsor Memo

2011-S3400 - Bill Text download pdf

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

                                  3400

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 18, 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 and the tax law, in relation to excess
  line insurance

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

  Section 1. Paragraphs 4, 16 and 39 of subsection (a) of section 107 of
the insurance law are amended to read as follows:
  (4)  "Affiliate"  means  a  corporation, a majority of whose shares is
owned or controlled by shareholders, directors or  officers  of  another
corporation,  who  own  or control a majority of the shares of the other
corporation EXCEPT FOR PURPOSES OF INSURANCE  PROCURED  BY  EXCESS  LINE
BROKERS  LICENSED  PURSUANT  TO SECTION TWO THOUSAND ONE HUNDRED FIVE OF
THIS CHAPTER.
  (16) "Control". Except for the purposes of  article  fifteen  of  this
chapter  AND INSURANCE PROCURED BY EXCESS LINE BROKERS LICENSED PURSUANT
TO SECTION TWO THOUSAND ONE HUNDRED FIVE  OF  THIS  CHAPTER,  "control",
including  the  terms  "controlling",  "controlled by" and "under common
control with", means the possession, direct or indirect, of the power to
direct or cause the direction of  the  management  and  policies  of  an
institution,  whether  through  the  ownership  of voting securities, by
contract or otherwise.
  (39) "State" means any state of the United States, the commonwealth of
Puerto Rico [and], the District of Columbia, GUAM, THE NORTHERN  MARIANA
ISLANDS, THE VIRGIN ISLANDS AND AMERICAN SAMOA.
  S  2. Subsection (l) of section 2101 of the insurance law, as added by
chapter 687 of the laws of 2003, is amended  and  five  new  subsections
(w), (x), (y), (z) and (aa) are added to read as follows:
  (l)  In  this  article, WITH RESPECT TO AN INSURANCE PRODUCER, "[home]
RESIDENT state" means the District of Columbia or any state or territory
of the United States in which an insurance producer maintains  his,  her

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08824-02-1
              

2011-S3400A (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd Ins L, generally; amd §§1550, 1551 & 1552, Tax L

2011-S3400A (ACTIVE) - Summary

Amends certain provisions of the insurance and tax law concerning excess line insurance.

2011-S3400A (ACTIVE) - Sponsor Memo

2011-S3400A (ACTIVE) - Bill Text download pdf

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

                                 3400--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 18, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Insurance  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the insurance law and the tax law, in relation to excess
  line insurance

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

  Section 1. Paragraphs 4, 16 and 39 of subsection (a) of section 107 of
the insurance law are amended to read as follows:
  (4) "Affiliate" means a corporation, a majority  of  whose  shares  is
owned  or  controlled  by shareholders, directors or officers of another
corporation, who own or control a majority of the shares  of  the  other
corporation  EXCEPT  FOR  PURPOSES  OF INSURANCE PROCURED BY EXCESS LINE
BROKERS LICENSED PURSUANT TO SECTION TWO THOUSAND ONE  HUNDRED  FIVE  OF
THIS CHAPTER.
  (16)  "Control".  Except  for  the purposes of article fifteen of this
chapter AND INSURANCE PROCURED BY EXCESS LINE BROKERS LICENSED  PURSUANT
TO  SECTION  TWO  THOUSAND  ONE HUNDRED FIVE OF THIS CHAPTER, "control",
including the terms "controlling", "controlled  by"  and  "under  common
control with", means the possession, direct or indirect, of the power to
direct  or  cause  the  direction  of  the management and policies of an
institution, whether through the  ownership  of  voting  securities,  by
contract or otherwise.
  (39) "State" means any state of the United States, the commonwealth of
Puerto  Rico [and], the District of Columbia, GUAM, THE NORTHERN MARIANA
ISLANDS, THE VIRGIN ISLANDS AND AMERICAN SAMOA.
  S 2. Subsection (l) of section 2101 of the insurance law, as added  by
chapter  687  of  the  laws of 2003, is amended and five new subsections
(w), (x), (y), (z) and (aa) are added to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08824-03-1

              

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