senate Bill S5440

2011-2012 Legislative Session

Relates to an exemption for certain stock and non-stock insurance companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Your valid home address is used to determine which NY State Senator Represents you.
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2012 recommit, enacting clause stricken
Jan 04, 2012 referred to insurance
Jun 24, 2011 committed to rules
Jun 13, 2011 advanced to third reading
Jun 07, 2011 2nd report cal.
Jun 06, 2011 1st report cal.1024
May 23, 2011 referred to insurance

S5440 - Details

See Assembly Version of this Bill:
A8256
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add ยง1326, Ins L

S5440 - Summary

Relates to an exemption for certain stock and non-stock insurance companies.

S5440 - Sponsor Memo

S5440 - Bill Text download pdf

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

                                  5440

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              May 23, 2011
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- 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 exemption for  certain
  stock and non-stock insurance companies

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

  Section 1.  The insurance law is amended by adding a new section  1326
to read as follows:
  S 1326. STATUTORY ASSOCIATION MEMBERSHIP; OBLIGATIONS. FOR THOSE STOCK
AND  NON-STOCK  COMPANIES  TO WHICH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF
SUBSECTION (B) OF SECTION ONE THOUSAND THREE HUNDRED TWENTY-FOUR OF THIS
ARTICLE APPLIES, NO LIABILITIES ARISING FROM THE OBLIGATIONS OF AN ASSO-
CIATION AUTHORIZED PURSUANT TO SUBPARAGRAPH  (D)  OF  PARAGRAPH  TWO  OF
SUBSECTION (C) OF SECTION FIVE THOUSAND FIVE HUNDRED TWO OF THIS CHAPTER
SHALL  BE  DUE AND OWING FROM SUCH COMPANIES UNLESS AND UNTIL SUCH OBLI-
GATIONS CAN ONLY BE SATISFIED, AFTER CONSIDERATION OF ALL  RESOURCES  OF
THE ASSOCIATION, INCLUDING BUT NOT LIMITED TO CURRENT PREMIUM INCOME, BY
A  CONTRIBUTION  FROM  SUCH  COMPANIES AND THE COMPANIES ARE NOTIFIED OF
SAME BY SUCH ASSOCIATION NOT LESS THAN  THREE  HUNDRED  SIXTY-FIVE  DAYS
PRIOR  TO  THE  DATE UPON WHICH SUCH OBLIGATIONS SHALL BE DUE AND OWING,
AND SHALL ONLY RELATE TO OBLIGATIONS OF THE ASSOCIATION THAT ARE ACTUAL-
LY DUE AND OWING BY THE ASSOCIATION IN THAT YEAR IN  WHICH  CONTRIBUTION
IS TO BE MADE BY THE COMPANIES. SUCH OBLIGATIONS SHALL NOT BE AGGREGATED
FOR ANY OTHER YEAR EXCEPT THAT IN WHICH CONTRIBUTION IS DUE AND OWING OR
PREVIOUS  YEARS IN WHICH CONTRIBUTIONS HAVE NOT BEEN SATISFIED; FURTHER,
SUCH LIABILITIES AND THE CONTRIBUTIONS THEREFOR SHALL  NOT  INCLUDE  ANY
CONTINGENT  LIABILITIES  OF  THE  ASSOCIATION  FOR  THE  YEAR  FOR WHICH
CONTRIBUTIONS ARE REQUESTED; PROVIDED,  HOWEVER,  THAT  COMPANIES  SHALL
MAINTAIN  AT  ALL  TIMES A RESERVE OF NOT LESS THAN TEN PERCENT OF THEIR
RESPECTIVE AND PROPORTIONATE LIABILITIES OF THE AGGREGATE DEFICIT OF THE
ASSOCIATION, AS SUCH RESPECTIVE AND  PROPORTIONATE  LIABILITIES  OF  THE
AGGREGATE  DEFICIT  ARE  REPORTED BY THE ASSOCIATION CONSISTENT WITH THE
PROVISIONS OF THIS SECTION.
  S 2. This act shall take effect immediately.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.