|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to insurance|
returned to senate
died in assembly
|Jun 13, 2011||referred to insurance|
delivered to assembly
|Jun 06, 2011||advanced to third reading|
|Jun 02, 2011||2nd report cal.|
|Jun 01, 2011||1st report cal.898|
|May 02, 2011||referred to insurance|
senate Bill S4951
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4951 - Details
S4951 - Summary
Grants the superintendent of insurance the power to suspend the requirement of a mortgage guaranty insurer to maintain a minimum policyholder surplus in relation to its outstanding risk in order for the insurer to write a new business.
S4951 - Sponsor Memo
BILL NUMBER:S4951 TITLE OF BILL: An act to amend the insurance law, in relation to mortgage guaranty insurance and reinsurance and policyholders' surplus PURPOSE: To update the Insurance Law to more accurately reflect current mortgage guaranty insurance industry circumstances and practices, and to authorize the superintendent of Insurance to suspend the risk to capital requirement for writing new mortgage guaranty insurance risks. SUMMARY OF PROVISIONS: Section 1 of the bill amends paragraph (1) of subsection (b) of section 6502 of the insurance law to grant the superintendent of Insurance the power to suspend the requirement for a mortgage guaranty insurer to maintain a minimum policyholder surplus in relation to its outstanding risk in order for the insurer to write new business. The temporary suspension is limited to two years per each exemption authorized. pursuant to the bill, consecutive waivers are permitted for mortgage insurers whose policyholder surplus does not exceed the 25 to 1 liability ratio after the initial waiver period, but such waivers may not exceed a total of four years. Section 2 of the bill provides, for an immediate effective date.
S4951 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4951 2011-2012 Regular Sessions I N S E N A T E May 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 mortgage guaranty insurance and reinsurance and policyholders' surplus THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (b) of section 6502 of the insur- ance law, as amended by chapter 517 of the laws of 1989, is amended to read as follows: (1) EXCEPT AS MAY BE OTHERWISE PERMITTED BY THE SUPERINTENDENT UPON A FINDING THAT IT WOULD NOT BE PREJUDICIAL TO THE INTERESTS OF THE PEOPLE OF THIS STATE, have outstanding a total liability under its aggregate insurance policies exceeding twenty-five times its policyholders' surplus, computed on the basis of the company's liability under its election as provided in subsection (c) of section six thousand five hundred three of this article. Total liability shall be calculated net of applicable reinsurance. [No] SUBJECT TO SUCH EXCEPTION PERMITTED BY THE SUPERINTENDENT, NO company which has outstanding total liability exceeding twenty-five times its policyholders' surplus shall transact new business until its total liability no longer exceeds twenty-five times its policyholders' surplus. THE TERM OF EACH EXCEPTION PERMITTED BY THE SUPERINTENDENT FOR A MORTGAGE INSURER SHALL NOT EXCEED TWO YEARS AND CONSECUTIVE EXCEPTIONS PERMITTED FOR A MORTGAGE INSURER WITHOUT AN INTERVENING ONE-YEAR PERIOD OF COMPLIANCE WITH THE LIABILITY LIMIT IN THIS SUBSECTION SHALL NOT EXCEED A TOTAL OF FOUR YEARS; S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05246-01-1
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