senate Bill S4043A

2011-2012 Legislative Session

Relates to encouraging modernization of mutual and cooperative insurance companies' information systems technology

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Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to insurance
returned to senate
died in assembly
Jun 21, 2011 referred to insurance
delivered to assembly
passed senate
Jun 13, 2011 advanced to third reading
Jun 07, 2011 2nd report cal.
Jun 06, 2011 1st report cal.1022
May 31, 2011 print number 4043a
amend and recommit to insurance
Mar 15, 2011 referred to insurance

S4043 - Details

Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§4110 & 6613, Ins L

S4043 - Summary

Relates to expenses incurred during the modernization of mutual and cooperative insurance companies' information systems technology.

S4043 - Sponsor Memo

S4043 - Bill Text download pdf

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

                                  4043

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 15, 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 encouraging moderniza-
  tion  of  mutual  and  cooperative  insurance  companies'  information
  systems technology

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

  Section 1. Subsection (a) of section 4110 of  the  insurance  law,  as
amended  by  chapter  527  of  the  laws  of 2006, is amended to read as
follows:
  (a) No domestic mutual property/casualty insurance company licensed to
write a kind of insurance specified in  paragraph  seven,  eight,  nine,
ten,  eleven,  thirteen,  fourteen,  fifteen,  sixteen  or  seventeen of
subsection (a) of section one thousand  one  hundred  thirteen  of  this
chapter  shall expend in any one calendar year for management expenses a
greater amount than thirty percent of the sum of its net premium  income
and  seventy-five  percent  of  its  investment  income  for  such year;
provided that any insurer whose principal line of  business  is  medical
malpractice  liability  insurance or any insurer who is the subject of a
proceeding pursuant to article seventy-four of this  chapter  shall  not
expend  in  any  one  calendar  year  for management expenses, a greater
amount than thirty percent of its net  premium  income  for  such  year.
Management expenses shall be held to include all expenses of the company
except expenses incurred in the investigation, adjustment and settlement
of  claims,  taxes, fees and expenses of examination, and taxes, repairs
and expenses on real estate. In applying the provisions of this  section
the  net premium income of, and expenses of, boiler and machinery insur-
ance or elevator insurance shall not be included.  IN THE EVENT EXPENSES
INCURRED IN MAKING A NEW SYSTEM  UPGRADE  RESULT  IN  THIS  SUBSECTION'S
MANAGEMENT EXPENSES LIMIT BEING EXCEEDED, THEN THE LIMIT SHALL BE TEMPO-
RARILY  RAISED  TO THE AMOUNT NECESSARY TO ENCOMPASS THE AFORESTATED NEW

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10052-01-1

S4043A (ACTIVE) - Details

Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§4110 & 6613, Ins L

S4043A (ACTIVE) - Summary

Relates to expenses incurred during the modernization of mutual and cooperative insurance companies' information systems technology.

S4043A (ACTIVE) - Sponsor Memo

S4043A (ACTIVE) - Bill Text download pdf

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

                                 4043--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 15, 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, in relation to encouraging moderniza-
  tion  of  mutual  and  cooperative  insurance  companies'  information
  systems technology

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

  Section  1.  Subsection  (a)  of section 4110 of the insurance law, as
amended by chapter 527 of the laws  of  2006,  is  amended  to  read  as
follows:
  (a) No domestic mutual property/casualty insurance company licensed to
write  a  kind  of  insurance specified in paragraph seven, eight, nine,
ten, eleven,  thirteen,  fourteen,  fifteen,  sixteen  or  seventeen  of
subsection  (a)  of  section  one  thousand one hundred thirteen of this
chapter shall expend in any one calendar year for management expenses  a
greater  amount than thirty percent of the sum of its net premium income
and seventy-five  percent  of  its  investment  income  for  such  year;
provided  that  any  insurer whose principal line of business is medical
malpractice liability insurance or any insurer who is the subject  of  a
proceeding  pursuant  to  article seventy-four of this chapter shall not
expend in any one calendar  year  for  management  expenses,  a  greater
amount  than  thirty  percent  of  its net premium income for such year.
Management expenses shall be held to include all expenses of the company
except expenses incurred in the investigation, adjustment and settlement
of claims, taxes, fees and expenses of examination, and  taxes,  repairs
and  expenses on real estate. In applying the provisions of this section
the net premium income of, and expenses of, boiler and machinery  insur-
ance or elevator insurance shall not be included.  IN THE EVENT EXPENSES
INCURRED  IN  MAKING  A  NEW  SYSTEM UPGRADE RESULT IN THIS SUBSECTION'S

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10052-02-1

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