senate Bill S6710A

Signed By Governor
2011-2012 Legislative Session

Relates to risk based capital for property/casualty insurers and reports filed by the superintendent of financial services; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A10391 - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 18, 2012 signed chap.173
Jul 06, 2012 delivered to governor
Jun 19, 2012 returned to assembly
passed senate
3rd reading cal.475
substituted for s6710a
Jun 19, 2012 substituted by a10391a
Jun 04, 2012 amended on third reading 6710a
Mar 30, 2012 advanced to third reading
Mar 29, 2012 2nd report cal.
Mar 28, 2012 1st report cal.475
Mar 19, 2012 reported and committed to banks
Mar 12, 2012 referred to insurance

Votes

view votes

Mar 28, 2012 - Banks committee Vote

S6710
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Mar 19, 2012 - Insurance committee Vote

S6710
17
0
committee
17
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

S6710 - Details

See Assembly Version of this Bill:
A10391A
Law Section:
Insurance Law
Laws Affected:
Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L

S6710 - Summary

Relates to risk based capital for property/casualty insurers and reports filed by the superintendent of financial services.

S6710 - Sponsor Memo

S6710 - Bill Text download pdf

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

                                  6710

                            I N  S E N A T E

                             March 12, 2012
                               ___________

Introduced  by Sen. SEWARD -- (at request of the Department of Financial
  Services) -- 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 risk-based capital for
  property/casualty  insurers;  to  amend the financial services law, in
  relation to annual  reports  of  the  superintendent;  and  to  repeal
  certain  provisions  of the insurance law and the banking law relating
  to annual reporting requirements of the  superintendent  of  financial
  services

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

  Section 1.   Paragraph 1 of subsection (d)  of  section  1324  of  the
insurance  law,  as added by chapter 631 of the laws of 2007, is amended
to read as follows:
  (1) "Company action level event" means, with  respect  to  a  domestic
insurer:
  (A)  The  filing  by  the insurer of an RBC report indicating that the
insurer's total adjusted capital is greater than or equal to its regula-
tory action level RBC but less than its company action level RBC;
  (B) The notification by  the  superintendent  to  the  insurer  of  an
adjusted  RBC report that indicates the occurrence of an event described
in subparagraph (A) of this paragraph, provided  the  insurer  does  not
challenge  the adjusted RBC report under subsection (h) of this section;
[or]
  (C) If, under subsection (h) of this section, the  insurer  challenges
an  adjusted  RBC  report  that  indicates  the  occurrence  of an event
described in subparagraph (A) of this paragraph, the notification by the
superintendent to the insurer that the superintendent has, after a hear-
ing, rejected the insurer's challenge[.]; OR
  (D) THE FILING BY THE INSURER OF AN RBC  REPORT  INDICATING  THAT  THE
INSURER  HAS TOTAL ADJUSTED CAPITAL THAT IS GREATER THAN OR EQUAL TO ITS
COMPANY ACTION LEVEL RBC, BUT LESS THAN THE PRODUCT OF THREE POINT  ZERO
AND  ITS AUTHORIZED CONTROL LEVEL RBC, AND WITH A COMBINED RATIO GREATER
THAN ONE HUNDRED TWENTY PERCENT AS DETERMINED  IN  ACCORDANCE  WITH  THE
TREND TEST CALCULATION IN THE RBC INSTRUCTIONS.
  S 2. Section 206 of the insurance law is REPEALED.
  S 3. Section 43 of the banking law is REPEALED.

S6710A (ACTIVE) - Details

See Assembly Version of this Bill:
A10391A
Law Section:
Insurance Law
Laws Affected:
Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L

S6710A (ACTIVE) - Summary

Relates to risk based capital for property/casualty insurers and reports filed by the superintendent of financial services.

S6710A (ACTIVE) - Sponsor Memo

S6710A (ACTIVE) - Bill Text download pdf

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

                                 6710--A
    Cal. No. 475

                            I N  S E N A T E

                             March 12, 2012
                               ___________

Introduced  by Sen. SEWARD -- (at request of the Department of Financial
  Services) -- read twice and ordered printed, and when  printed  to  be
  committed  to the Committee on Insurance -- recommitted to the Commit-
  tee on Banks in accordance with Senate Rule  6,  sec.  8  --  reported
  favorably  from  said  committee,  ordered to first and second report,
  ordered to a third reading, amended and ordered  reprinted,  retaining
  its place in the order of third reading

AN ACT to amend the insurance law, in relation to risk-based capital for
  property/casualty  insurers;  to  amend the financial services law, in
  relation to annual  reports  of  the  superintendent;  and  to  repeal
  certain  provisions  of the insurance law and the banking law relating
  to annual reporting requirements of the  superintendent  of  financial
  services

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

  Section 1.   Paragraph 1 of subsection (d)  of  section  1324  of  the
insurance  law,  as added by chapter 631 of the laws of 2007, is amended
to read as follows:
  (1) "Company action level event" means, with  respect  to  a  domestic
insurer:
  (A)  The  filing  by  the insurer of an RBC report indicating that the
insurer's total adjusted capital is greater than or equal to its regula-
tory action level RBC but less than its company action level RBC;
  (B) The notification by  the  superintendent  to  the  insurer  of  an
adjusted  RBC report that indicates the occurrence of an event described
in subparagraph (A) of this paragraph, provided  the  insurer  does  not
challenge  the adjusted RBC report under subsection (h) of this section;
[or]
  (C) If, under subsection (h) of this section, the  insurer  challenges
an  adjusted  RBC  report  that  indicates  the  occurrence  of an event
described in subparagraph (A) of this paragraph, the notification by the
superintendent to the insurer that the superintendent has, after a hear-
ing, rejected the insurer's challenge[.]; OR

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

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