senate Bill S4869

2011-2012 Legislative Session

Establishes the surplus lines insurance multi-state compliance compact with respect to surplus lines insurance and premium tax allocation

download bill text pdf

Sponsored By

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 (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to insurance
returned to senate
died in assembly
Jun 14, 2011 referred to insurance
delivered to assembly
passed senate
Jun 01, 2011 advanced to third reading
May 25, 2011 2nd report cal.
May 24, 2011 1st report cal.861
May 09, 2011 reported and committed to finance
Apr 27, 2011 referred to insurance

Votes

view votes

May 24, 2011 - Finance committee Vote

S4869
26
1
committee
26
Aye
1
Nay
8
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 9, 2011 - Insurance committee Vote

S4869
14
1
committee
14
Aye
1
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: May 9, 2011

nay (1)
aye wr (3)

S4869 - Details

See Assembly Version of this Bill:
A7786
Law Section:
Insurance Law

S4869 - Sponsor Memo

S4869 - Bill Text download pdf

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

                                  4869

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 27, 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 estab-
  lishing the surplus lines  insurance  multi-state  compliance  compact
  with respect to surplus lines insurance and premium tax allocation

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

  Section 1. Legislative findings. The legislature finds, with regard to
non-admitted insurance policies with risk exposures located in  multiple
states,  the  111th  United  States  Congress has stipulated in title V,
subtitle B, the Non-Admitted and Reinsurance Reform Act of 2010  of  the
Dodd-Frank  Wall  Street Reform and Consumer Protection Act (hereinafter
the NRRA) that:
  1. The placement of non-admitted insurance shall  be  subject  to  the
statutory  and  regulatory  requirements  solely  of  the insured's home
state, and
  2. Any law, regulation, provision or action of any state that  applies
or  purports to apply to non-admitted insurance sold to, solicited by or
negotiated with an insured whose home state is another  state  shall  be
preempted  with  respect to such application; except that any state law,
rule or regulation that restricts the placement of workers' compensation
insurance or excess  insurance  for  self-funded  workers'  compensation
plans with a non-admitted insurer shall not be preempted.
  The  legislature  finds further that in compliance with NRRA, no state
other than the home state of an insured  may  require  any  premium  tax
payment for non-admitted insurance; and no state other than an insured's
home state may require a surplus lines broker to be licensed in order to
sell,  solicit  or negotiate non-admitted insurance with respect to such
insured.
  The legislature finds further that the NRRA intends  that  the  states
may  enter  into a compact or otherwise establish procedures to allocate

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10246-02-1

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