senate Bill S3604A

2011-2012 Legislative Session

Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 23, 2012 print number 3604a
amend (t) and recommit to insurance
Jan 04, 2012 referred to insurance
Feb 28, 2011 referred to insurance

Bill Amendments

Original
A (Active)
Original
A (Active)

S3604 - Bill Details

Current Committee:
Law Section:
Insurance
Versions Introduced in 2009-2010 Legislative Session:
S6465

S3604 - Bill Texts

view summary

Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state.

view sponsor memo
BILL NUMBER:S3604

TITLE OF BILL:
An act
in relation to authorizing and directing the superintendent of
insurance to conduct a study concerning the potential effect of a
disaster on the insurance industry of this state

PURPOSE:
The purpose of the bill is to require a
study on the effect
of disasters on the insurance industry of New York State.

SUMMARY OF PROVISIONS:
Section 1.1: The superintendent of insurance is
hereby authorized and directed to conduct a study concerning the
potential effect of disasters on the insurance industry of New York
State

EXISTING LAW:
2010: S.6465 - Held in Insurance

JUSTIFICATION:
Insurance is a product that everyone
purchases and no
one hopes to use. However, after massive disasters such as
hurricanes, earthquakes, and terrorist attacks many thousands of
people may receive payment for damages they have experienced. Often
times this process can overwhelm companies and exhaust reserves. It
is imperative that before disaster strikes we have a better
understanding of how to prepare the insurance industry for such an
event and what, if anything, the state of New York can do.

FISCAL IMPLICATIONS:
Minimal.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  3604

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

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

AN ACT in relation to authorizing and directing  the  superintendent  of
  insurance  to  conduct  a  study  concerning the potential effect of a
  disaster on the insurance industry of this state

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

  Section 1. Notwithstanding any other provision of law, the superinten-
dent of insurance, in consultation with the office of homeland security,
is  hereby  authorized and directed to prepare or cause to be prepared a
study to examine,  evaluate  and  make  recommendations  concerning  the
potential  effect  of a disaster, catastrophic event, state of emergency
or any other event of major destructive consequences  on  the  insurance
industry  of  this  state.  Such  study shall include the effect of both
natural and man-made disasters within its scope. Natural disasters to be
studied shall include, but not be limited to, disasters  occurring  from
rain, sleet, ice, snow, wind or extreme heat or cold. Man-made disasters
to  be  studied shall include, but not be limited to, acts of terrorism,
acts of war, strikes or mass riots. Such study shall focus primarily  on
the  preparedness  and  ability of the insurance industry to function in
the event of such a disaster and what procedures and  protocols  may  be
implemented  to  improve such functionality, as well as any other issues
the superintendent of insurance deems relevant.
  S 2. The superintendent of insurance shall report to the governor  and
the  legislature  the  findings  of the study required by section one of
this act along with his or her recommendations on or before  January  1,
2012.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07638-01-1

S3604A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Insurance
Versions Introduced in 2009-2010 Legislative Session:
S6465

S3604A (ACTIVE) - Bill Texts

view summary

Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state.

view sponsor memo
BILL NUMBER:S3604A

TITLE OF BILL:
An act
in relation to authorizing and directing the superintendent of
financial services
to conduct a study concerning the potential effect of a
disaster on the insurance industry of this state

PURPOSE:
The purpose of the bill is to require a study on the effect of
disasters on the insurance industry of New York state.

SUMMARY OF PROVISIONS:
Section 1.1: The superintendent of insurance is hereby authorized and
directed to conduct a study concerning the potential effect of
disasters on the insurance industry of New York State.

EXISTING LAW:
2010: S.6465 - Held in Insurance

JUSTIFICATION:
Insurance is a product that everyone purchases and no one hopes to use.
However, after massive disasters such as hurricanes, earthquakes, and
terrorist attacks many thousands of people may receive payment for
damages they have experienced. often times this process can overwhelm
companies and exhaust reserves. It is imperative that before disaster
strikes we have a better understanding of how to prepare the
insurance industry for such an event and what, if anything, the state
of New York can do.

FISCAL IMPLICATIONS:
Minimal.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3604--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT in relation to authorizing and directing  the  superintendent  of
  financial  services to conduct a study concerning the potential effect
  of a disaster on the insurance industry of this state

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

  Section 1. Notwithstanding any other provision of law, the superinten-
dent  of financial services, in consultation with the office of homeland
security, is hereby authorized and directed to prepare or  cause  to  be
prepared  a study to examine, evaluate and make recommendations concern-
ing the potential effect of a disaster,  catastrophic  event,  state  of
emergency  or  any  other event of major destructive consequences on the
insurance industry of this state. Such study shall include the effect of
both natural and man-made disasters within its scope. Natural  disasters
to  be studied shall include, but not be limited to, disasters occurring
from rain, sleet, ice, snow, wind or  extreme  heat  or  cold.  Man-made
disasters  to  be  studied shall include, but not be limited to, acts of
terrorism, acts of war, strikes or mass riots. Such  study  shall  focus
primarily  on  the preparedness and ability of the insurance industry to
function in the event of such a disaster and what procedures and  proto-
cols  may  be  implemented to improve such functionality, as well as any
other issues the superintendent of financial services deems relevant.
  S 2. The superintendent of financial  services  shall  report  to  the
governor  and  the  legislature  the  findings  of the study required by
section one of this act along with his  or  her  recommendations  on  or
before January 1, 2013.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07638-02-1

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