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

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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

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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

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Mar 28, 2012 - Banks committee Vote

S6710
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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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

Bill Amendments

Original
A (Active)
Original
A (Active)

S6710 - Bill 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 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6710

TITLE OF BILL:

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

PURPOSE OF THE BILL:

The purpose of this bill is to amend the Insurance Law in relation to
risk-based capital ("RBC") for property/casualty insurers and to amend
the Insurance Law, Banking Law, and Financial Services Law in relation
to the Superintendent of Financial Services' ("Superintendent's") annual
report.

SUMMARY OF PROVISIONS:

Section 1 of this bill would amend Insurance Law § 1324(d)(1) to add to
the definition of "company action level event" the filing by an 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 3.0 and its authorized control level RBC, and with a
combined ratio greater than 120% as determined in accordance with the
trend test calculation in the RBC instructions.

Section 2 would repeal Insurance Law § 206, which pertains to the Super-
intendent's annual report regarding insurance.

Section 3 would repeal Banking Law § 43, which applies to the Super-
intendent's annual report regarding banking.

Section 4 would add a new Financial Services Law § 207, which requires
the Superintendent to submit annually a report regarding insurance,
banking, and financial products or services.

Section 5 would provide for an immediate effective date.

EXISTING LAW:

Insurance Law § 1324 applies to RBC for property/casualty insurers, but
does not set forth an RBC trend test.

Insurance Law § 206 requires the Superintendent to submit a report annu-
ally to the Legislature regarding insurance. Banking Law § 43 requires
the Superintendent to submit a report annually to the Governor and the
Legislature regarding banking.

PRIOR LEGISLATIVE HISTORY:

This is a new bill.

STATEMENT IN SUPPORT:

This bill would amend Insurance Law § 1324 to set forth a
property/casualty RBC trend test. This test became an accreditation
standard as of January 1, 2012 and is necessary for the Department to
maintain its accreditation status with the National Association of
Insurance Commissioners ("NAIC"). Accredited state departments must
undergo a comprehensive review every five years by an independent review
team to ensure they continue to meet baseline standards. The accredi-
tation standards require that state departments have adequate statutory
and administrative authority to regulate an insurer's corporate and
financial affairs, and that they have the necessary resources to carry
out that authority. The RBC trend test also will help the Department
better monitor the financial health of property/casualty insurers.

The bill also combines the separate annual reports required to be
submitted by the former Superintendents of Insurance and Banking and
eliminates certain obsolete provisions.

FISCAL IMPLICATIONS:

There are no fiscal implications from this bill.

EFFECTIVE DATE:

This bill would take effect immediately.

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                    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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14841-02-2

S. 6710                             2

  S 4. The financial services law is amended by adding a new section 207
to read as follows:
  S  207.  ANNUAL  REPORT OF THE SUPERINTENDENT.  (A) THE SUPERINTENDENT
SHALL SUBMIT A REPORT ANNUALLY TO THE GOVERNOR AND TO THE LEGISLATURE ON
OR BEFORE THE FIFTEENTH DAY OF SEPTEMBER. THE REPORT SHALL  CONTAIN  THE
FOLLOWING ITEMS, WITH RESPECT TO THE PRECEDING CALENDAR YEAR:
  (1)  A GENERAL REVIEW OF THE INSURANCE BUSINESS, BANKING BUSINESS, AND
FINANCIAL PRODUCT OR SERVICE BUSINESS UTILIZING THE MOST CURRENT  INFOR-
MATION AVAILABLE;
  (2)  A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED ASSETS
AND LIABILITIES OF ALL BANKING  ORGANIZATIONS  COMPRISING  EACH  OF  THE
FOLLOWING CLASSES:  (A) BANKS AND TRUST COMPANIES; AND (B) PRIVATE BANK-
ERS.  EACH  SUCH  CONSOLIDATED  STATEMENT  SHALL COMBINE THE INFORMATION
CONTAINED IN THE LAST PERIODICAL REPORTS OF CONDITION RECEIVED FROM SUCH
BANKING ORGANIZATIONS AS OF A DATE DURING THE YEAR FOR WHICH SUCH REPORT
OF THE SUPERINTENDENT IS RENDERED;
  (3) A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED  ASSETS
AND  LIABILITIES  OF  ALL  BANKING  ORGANIZATIONS COMPRISING EACH OF THE
FOLLOWING CLASSES:  (A) SAVINGS BANKS; (B) SAFE DEPOSIT  COMPANIES;  (C)
SAVINGS  AND  LOAN  ASSOCIATIONS;  (D) CREDIT UNIONS; AND (E) INVESTMENT
COMPANIES. EACH SUCH CONSOLIDATED STATEMENT SHALL COMBINE  THE  INFORMA-
TION  CONTAINED  IN THE LAST PERIODICAL REPORTS OF CONDITION MADE TO THE
SUPERINTENDENT AS OF A DATE DURING THE YEAR FOR WHICH THE REPORT OF  THE
SUPERINTENDENT  IS  RENDERED,  EXCEPT THAT WITH RESPECT TO THOSE CLASSES
MAKING REPORTS TO THE SUPERINTENDENT AS OF THE FIRST DAY OF THE  FOLLOW-
ING  YEAR,  SUCH  CONSOLIDATED  STATEMENTS SHALL COMBINE THE INFORMATION
CONTAINED IN SUCH REPORTS;
  (4) A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED  ASSETS
AND  LIABILITIES  OF ALL LICENSED LENDERS. EACH SUCH CONSOLIDATED STATE-
MENT SHALL COMBINE THE INFORMATION CONTAINED IN THE REPORTS TO  BE  MADE
ON  OR  BEFORE THE FIRST DAY OF APRIL OF THE YEAR FOLLOWING THE YEAR FOR
WHICH THE REPORT OF THE SUPERINTENDENT IS RENDERED;
  (5) A STATEMENT OF CONDITION OF EACH BANKING ORGANIZATION REQUIRED  BY
THE  BANKING  LAW  TO MAKE PERIODICAL REPORTS OF CONDITION TO THE SUPER-
INTENDENT. SUCH STATEMENT SHALL INCLUDE THE INFORMATION CONTAINED IN THE
LAST PERIODICAL REPORT OF CONDITION MADE TO THE SUPERINTENDENT AS  OF  A
DATE  DURING  THE  YEAR  FOR  WHICH SUCH REPORT OF THE SUPERINTENDENT IS
RENDERED, EXCEPT THAT  IN  THE  CASE  OF  BANKING  ORGANIZATIONS  MAKING
REPORTS TO THE SUPERINTENDENT AS OF THE FIRST DAY OF THE FOLLOWING YEAR,
EACH  SUCH  STATEMENT  SHALL  INCLUDE  THE INFORMATION CONTAINED IN SUCH
REPORTS.  NOTWITHSTANDING ANY OTHER PROVISION  OF  THIS  SUBSECTION,  IN
LIEU  OF  MAKING  A  STATEMENT  OF THE CONDITION OF EACH COVERED BANKING
ORGANIZATION, THE SUPERINTENDENT MAY MAKE SUCH INFORMATION AVAILABLE  BY
ANY  OTHER  MEANS THAT PROVIDES FOR DIRECT PUBLIC ACCESS OR AVAILABILITY
TO SUCH REQUIRED REPORTS OF CONDITION;
  (6) A STATEMENT OF ALL BANKING ORGANIZATIONS, FOREIGN  BANKING  CORPO-
RATIONS  AND  LICENSED LENDERS AUTHORIZED OR LICENSED BY THE SUPERINTEN-
DENT TO DO BUSINESS DURING THE YEAR FOR WHICH THE  REPORT  IS  RENDERED,
WITH THEIR NAMES AND LOCATIONS AND THE DATES ON WHICH THEIR CERTIFICATES
WERE  APPROVED  BY THE SUPERINTENDENT, AND SUCH OTHER INFORMATION AS THE
SUPERINTENDENT DEEMS APPROPRIATE;
  (7) A STATEMENT OF THE BANKING ORGANIZATIONS, FOREIGN  BANKING  CORPO-
RATIONS WHOSE BUSINESS HAS BEEN CLOSED EITHER VOLUNTARILY OR INVOLUNTAR-
ILY DURING THE YEAR FOR WHICH THE REPORT IS RENDERED, WITH THE AMOUNT OF
THEIR  RESOURCES  AND  OF  THEIR  DEPOSITS AND OTHER LIABILITIES AS LAST
REPORTED BY THEM;

S. 6710                             3

  (8) A STATEMENT OF ANY UNCLAIMED AMOUNTS HELD  BY  THE  SUPERINTENDENT
PURSUANT TO THE REQUIREMENTS OF THE BANKING LAW AS TRUSTEE FOR THE CRED-
ITORS,  DEPOSITORS,  STOCKHOLDERS OR SHAREHOLDERS OF EACH BANKING ORGAN-
IZATION THE BUSINESS AND AFFAIRS OF WHICH SHALL HAVE BEEN FINALLY LIQUI-
DATED;  THE AMOUNT OF INTEREST RECEIVED DURING THE PRECEDING FISCAL YEAR
UPON ALL SUCH UNCLAIMED AMOUNTS HELD  BY  THE  SUPERINTENDENT;  AND  THE
AMOUNT  OF  ABANDONED FUNDS PAID OVER BY THE SUPERINTENDENT TO THE STATE
COMPTROLLER PURSUANT TO THE REQUIREMENTS OF THE BANKING LAW;
  (9) A TABLE SHOWING  THE  NUMBER  AND  KINDS  OF  AUTHORIZED  INSURERS
ACCORDING  TO  CLASSES OF BUSINESS, AND THEIR TOTAL ASSETS, LIABILITIES,
PREMIUMS WRITTEN, AND INSURANCE IN FORCE, AS SHOWN BY THE ANNUAL  STATE-
MENTS FILED WITH THE SUPERINTENDENT BY SUCH INSURERS;
  (10) LISTS OF: (A) INSURERS ORGANIZED, ADMITTED, MERGED, WITHDRAWN, OR
PLACED  IN  LIQUIDATION,  CONSERVATION,  OR REHABILITATION, (B) DOMESTIC
INSURERS THAT HAVE AMENDED THEIR CHARTERS OR HAVE INCREASED OR DECREASED
THEIR CAPITAL STOCK, TOGETHER WITH A STATEMENT OF  THE  EXTENT  THEREOF;
AND (C) DOMESTIC INSURERS THAT HAVE CHANGED THEIR CORPORATE NAMES;
  (11)  A  LIST OF DEPARTMENT REPORTS FILED ON EXAMINATION OF AUTHORIZED
INSURERS;
  (12)   A   STATEMENT   OF   THE   EXPENSES   OF   ADMINISTERING    THE
PROPERTY/CASUALTY  INSURANCE  SECURITY FUND AND THE PUBLIC MOTOR VEHICLE
LIABILITY SECURITY FUND PURSUANT TO ARTICLE SEVENTY-SIX OF THE INSURANCE
LAW;
  (13) TABLES RELATIVE TO INSURER LIQUIDATION, CONSERVATION OR REHABILI-
TATION PROCEEDINGS BY THE DEPARTMENT  FOR  PRIOR  YEARS,  INCLUDING  THE
PRECEDING CALENDAR YEAR;
  (14)  ANY  AMENDMENTS  TO THE BANKING LAW, THE INSURANCE LAW, AND THIS
CHAPTER, AND  ANY  AMENDMENTS  TO  REGULATIONS  PROMULGATED  THEREUNDER,
DURING  THE  YEAR FOR WHICH SUCH REPORT IS RENDERED; A SUMMARY OF INSUR-
ANCE CIRCULAR LETTERS AND BANKING INTERPRETATIONS ISSUED DURING THE YEAR
FOR WHICH SUCH REPORT IS RENDERED; AND SUCH OTHER  MATTERS  RELATING  TO
THE  BANKING ORGANIZATIONS, CORPORATIONS, PARTNERSHIPS, INSURERS, INSUR-
ANCE PRODUCERS, OR OTHER ENTITIES OR PERSONS LICENSED, AUTHORIZED TO  DO
BUSINESS,  CERTIFIED, OR REGISTERED UNDER THE BANKING LAW, THE INSURANCE
LAW, OR THIS CHAPTER, INCLUDING PUBLIC STATEMENTS,  RECOMMENDATIONS  AND
DECISIONS  OF  THE  SUPERINTENDENT,  OCCURRING DURING THE YEAR FOR WHICH
SUCH REPORT IS RENDERED, WHICH, IN THE JUDGMENT OF  THE  SUPERINTENDENT,
MAY BE OF HISTORICAL OR REGULATORY SIGNIFICANCE;
  (15)  LEGISLATIVE RECOMMENDATIONS THAT THE SUPERINTENDENT DEEMS NECES-
SARY OR DESIRABLE; AND
  (16) A SUMMARY OF THE DEPARTMENT'S RECEIPTS AND  EXPENSES  DURING  THE
PRECEDING  FISCAL  YEAR,  EXCEPT EXPENSES OF LIQUIDATION NOT PAID OUT OF
AMOUNTS APPROPRIATED BY THE LEGISLATURE, THE AMOUNTS APPROPRIATED BY THE
LEGISLATURE FOR THE EXPENSES OF THE DEPARTMENT DURING SUCH YEAR, AND THE
AMOUNT, IF ANY, FOR WHICH THE TREASURY OF THE STATE SHALL NOT HAVE  BEEN
REIMBURSED AT THE DATE OF SUCH REPORT.
  (B)  THE  SUPERINTENDENT  MAY,  IN ADDITION TO THE ABOVE REQUIREMENTS,
INCLUDE IN SUCH REPORT ANY OTHER MATTER OR  DATA  CONCERNING  INSURANCE,
BANKING,  FINANCIAL  PRODUCTS OR SERVICES OR THE SUPERINTENDENT'S DUTIES
UNDER THE INSURANCE LAW, THE BANKING LAW, OR THIS CHAPTER, WHICH IN  THE
SUPERINTENDENT'S JUDGMENT, IS OF GENERAL INTEREST OR IMPORT.
  S 5. This act shall take effect immediately.

S6710A (ACTIVE) - Bill 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) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S6710A

TITLE OF BILL:

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

PURPOSE OF THE BILL:

The purpose of this bill is to amend the Insurance Law in relation to
risk-based capital ("RBC") for property/casualty insurers and to
amend the Insurance Law, Banking Law, and Financial Services Law in
relation to the Superintendent of Financial Services'
("Superintendent's") annual report.

SUMMARY OF PROVISIONS:

Section 1 of this bill would amend Insurance Law § 1324(d)(1) to add
to the definition of "company action level event" the filing by an
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 3.0 and its authorized
control level RBC, and with a combined ratio greater than 120% as
determined in accordance with the trend test calculation in the
RBC instructions.

Section 2 would repeal Insurance Law § 206, which pertains to the
Superintendent's annual report regarding insurance.

Section 3 would repeal Banking Law § 43, which applies to the
Superintendent's annual report regarding banking.

Section 4 would add a new Financial Services Law § 207, which requires
the Superintendent to submit annually a report regarding insurance,
banking, and financial products or services.

Section 5 would provide for an immediate effective date.

EXISTING LAW:

Insurance Law § 1324 applies to RBC for property/casualty insurers,
but does not set forth 3n RBC trend test.

Insurance Law § 206 requires the Superintendent to submit a report
annually to the Legislature regarding insurance. Banking Law § 43
requires the Superintendent to submit a report annually to the
Governor and the Legislature regarding banking.

PRIOR LEGISLATIVE HISTORY:


This is a new bill.

STATEMENT IN SUPPORT:

This bill would amend Insurance Law § 1324 to set forth a
property/casualty RBC trend test.
This test became an accreditation standard as of January 1, 2012 and
is necessary for the Department to maintain its accreditation status
with the National Association of Insurance Commissioners ("NAIC").
Accredited state departments must undergo a comprehensive review every
five years by an independent review team to ensure they continue to
meet baseline standards. The accreditation standards require that
state departments have adequate statutory and administrative
authority to regulate an insurer's corporate and financial affairs,
and that they have the necessary resources to carry out that
authority. The RBC trend test also will help the Department better
monitor the financial health of property/casualty insurers.

The bill also combines the separate annual reports required to be
submitted by the former
Superintendents of Insurance and Banking and eliminates certain
obsolete provisions.

FISCAL IMPLICATIONS:

There are no fiscal implications from this bill.

EFFECTIVE DATE:

This bill would take effect immediately.

view full 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.
                                                           LBD14841-03-2

S. 6710--A                          2

  (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.
  S 4. The financial services law is amended by adding a new section 207
to read as follows:
  S 207. ANNUAL REPORT OF THE SUPERINTENDENT.   (A)  THE  SUPERINTENDENT
SHALL SUBMIT A REPORT ANNUALLY TO THE GOVERNOR AND TO THE LEGISLATURE ON
OR  BEFORE  THE  FIFTEENTH  DAY  OF  JUNE.  THE REPORT SHALL CONTAIN THE
FOLLOWING ITEMS, WITH RESPECT TO THE PRECEDING CALENDAR YEAR:
  (1) A GENERAL REVIEW OF THE INSURANCE BUSINESS, BANKING BUSINESS,  AND
FINANCIAL  PRODUCT OR SERVICE BUSINESS UTILIZING THE MOST CURRENT INFOR-
MATION AVAILABLE;
  (2) A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED  ASSETS
AND  LIABILITIES  OF  ALL  BANKING  ORGANIZATIONS COMPRISING EACH OF THE
FOLLOWING CLASSES:  (A) BANKS AND TRUST COMPANIES; AND (B) PRIVATE BANK-
ERS. EACH SUCH CONSOLIDATED  STATEMENT  SHALL  COMBINE  THE  INFORMATION
CONTAINED IN THE LAST PERIODICAL REPORTS OF CONDITION RECEIVED FROM SUCH
BANKING ORGANIZATIONS AS OF A DATE DURING THE YEAR FOR WHICH SUCH REPORT
OF THE SUPERINTENDENT IS RENDERED;
  (3)  A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED ASSETS
AND LIABILITIES OF ALL BANKING  ORGANIZATIONS  COMPRISING  EACH  OF  THE
FOLLOWING  CLASSES:   (A) SAVINGS BANKS; (B) SAFE DEPOSIT COMPANIES; (C)
SAVINGS AND LOAN ASSOCIATIONS; (D) CREDIT  UNIONS;  AND  (E)  INVESTMENT
COMPANIES.  EACH  SUCH CONSOLIDATED STATEMENT SHALL COMBINE THE INFORMA-
TION CONTAINED IN THE LAST PERIODICAL REPORTS OF CONDITION MADE  TO  THE
SUPERINTENDENT  AS OF A DATE DURING THE YEAR FOR WHICH THE REPORT OF THE
SUPERINTENDENT IS RENDERED, EXCEPT THAT WITH RESPECT  TO  THOSE  CLASSES
MAKING  REPORTS TO THE SUPERINTENDENT AS OF THE FIRST DAY OF THE FOLLOW-
ING YEAR, SUCH CONSOLIDATED STATEMENTS  SHALL  COMBINE  THE  INFORMATION
CONTAINED IN SUCH REPORTS;
  (4)  A CONSOLIDATED STATEMENT OF CONDITION SHOWING THE COMBINED ASSETS
AND LIABILITIES OF ALL LICENSED LENDERS. EACH SUCH  CONSOLIDATED  STATE-
MENT  SHALL  COMBINE THE INFORMATION CONTAINED IN THE REPORTS TO BE MADE
ON OR BEFORE THE FIRST DAY OF APRIL OF THE YEAR FOLLOWING THE  YEAR  FOR
WHICH THE REPORT OF THE SUPERINTENDENT IS RENDERED;
  (5)  A STATEMENT OF CONDITION OF EACH BANKING ORGANIZATION REQUIRED BY
THE BANKING LAW TO MAKE PERIODICAL REPORTS OF CONDITION  TO  THE  SUPER-
INTENDENT. SUCH STATEMENT SHALL INCLUDE THE INFORMATION CONTAINED IN THE
LAST  PERIODICAL  REPORT OF CONDITION MADE TO THE SUPERINTENDENT AS OF A
DATE DURING THE YEAR FOR WHICH SUCH  REPORT  OF  THE  SUPERINTENDENT  IS
RENDERED,  EXCEPT  THAT  IN  THE  CASE  OF  BANKING ORGANIZATIONS MAKING
REPORTS TO THE SUPERINTENDENT AS OF THE FIRST DAY OF THE FOLLOWING YEAR,
EACH SUCH STATEMENT SHALL INCLUDE  THE  INFORMATION  CONTAINED  IN  SUCH
REPORTS.    NOTWITHSTANDING  ANY  OTHER PROVISION OF THIS SUBSECTION, IN
LIEU OF MAKING A STATEMENT OF THE  CONDITION  OF  EACH  COVERED  BANKING
ORGANIZATION,  THE SUPERINTENDENT MAY MAKE SUCH INFORMATION AVAILABLE BY
ANY OTHER MEANS THAT PROVIDES FOR DIRECT PUBLIC ACCESS  OR  AVAILABILITY
TO SUCH REQUIRED REPORTS OF CONDITION;
  (6)  A  STATEMENT OF ALL BANKING ORGANIZATIONS, FOREIGN BANKING CORPO-
RATIONS AND LICENSED LENDERS AUTHORIZED OR LICENSED BY  THE  SUPERINTEN-
DENT  TO  DO  BUSINESS DURING THE YEAR FOR WHICH THE REPORT IS RENDERED,

S. 6710--A                          3

WITH THEIR NAMES AND LOCATIONS AND THE DATES ON WHICH THEIR CERTIFICATES
WERE APPROVED BY THE SUPERINTENDENT, AND SUCH OTHER INFORMATION  AS  THE
SUPERINTENDENT DEEMS APPROPRIATE;
  (7)  A  STATEMENT OF THE BANKING ORGANIZATIONS, FOREIGN BANKING CORPO-
RATIONS WHOSE BUSINESS HAS BEEN CLOSED EITHER VOLUNTARILY OR INVOLUNTAR-
ILY DURING THE YEAR FOR WHICH THE REPORT IS RENDERED, WITH THE AMOUNT OF
THEIR RESOURCES AND OF THEIR DEPOSITS  AND  OTHER  LIABILITIES  AS  LAST
REPORTED BY THEM;
  (8)  A  STATEMENT  OF ANY UNCLAIMED AMOUNTS HELD BY THE SUPERINTENDENT
PURSUANT TO THE REQUIREMENTS OF THE BANKING LAW AS TRUSTEE FOR THE CRED-
ITORS, DEPOSITORS, STOCKHOLDERS OR SHAREHOLDERS OF EACH  BANKING  ORGAN-
IZATION THE BUSINESS AND AFFAIRS OF WHICH SHALL HAVE BEEN FINALLY LIQUI-
DATED;  THE AMOUNT OF INTEREST RECEIVED DURING THE PRECEDING FISCAL YEAR
UPON ALL SUCH UNCLAIMED AMOUNTS HELD  BY  THE  SUPERINTENDENT;  AND  THE
AMOUNT  OF  ABANDONED FUNDS PAID OVER BY THE SUPERINTENDENT TO THE STATE
COMPTROLLER PURSUANT TO THE REQUIREMENTS OF THE BANKING LAW;
  (9) A TABLE SHOWING  THE  NUMBER  AND  KINDS  OF  AUTHORIZED  INSURERS
ACCORDING  TO  CLASSES OF BUSINESS, AND THEIR TOTAL ASSETS, LIABILITIES,
PREMIUMS WRITTEN, AND INSURANCE IN FORCE, AS SHOWN BY THE ANNUAL  STATE-
MENTS FILED WITH THE SUPERINTENDENT BY SUCH INSURERS;
  (10) LISTS OF: (A) INSURERS ORGANIZED, ADMITTED, MERGED, WITHDRAWN, OR
PLACED  IN  LIQUIDATION,  CONSERVATION,  OR REHABILITATION, (B) DOMESTIC
INSURERS THAT HAVE AMENDED THEIR CHARTERS OR HAVE INCREASED OR DECREASED
THEIR CAPITAL STOCK, TOGETHER WITH A STATEMENT OF  THE  EXTENT  THEREOF;
AND (C) DOMESTIC INSURERS THAT HAVE CHANGED THEIR CORPORATE NAMES;
  (11)  A  LIST OF DEPARTMENT REPORTS FILED ON EXAMINATION OF AUTHORIZED
INSURERS;
  (12)   A   STATEMENT   OF   THE   EXPENSES   OF   ADMINISTERING    THE
PROPERTY/CASUALTY  INSURANCE  SECURITY FUND AND THE PUBLIC MOTOR VEHICLE
LIABILITY SECURITY FUND PURSUANT TO ARTICLE SEVENTY-SIX OF THE INSURANCE
LAW;
  (13) TABLES RELATIVE TO INSURER LIQUIDATION, CONSERVATION OR REHABILI-
TATION PROCEEDINGS BY THE DEPARTMENT  FOR  PRIOR  YEARS,  INCLUDING  THE
PRECEDING CALENDAR YEAR;
  (14)  ANY  AMENDMENTS  TO THE BANKING LAW, THE INSURANCE LAW, AND THIS
CHAPTER, AND  ANY  AMENDMENTS  TO  REGULATIONS  PROMULGATED  THEREUNDER,
DURING  THE  YEAR FOR WHICH SUCH REPORT IS RENDERED; A SUMMARY OF INSUR-
ANCE CIRCULAR LETTERS AND BANKING INTERPRETATIONS ISSUED DURING THE YEAR
FOR WHICH SUCH REPORT IS RENDERED; AND SUCH OTHER  MATTERS  RELATING  TO
THE  BANKING ORGANIZATIONS, CORPORATIONS, PARTNERSHIPS, INSURERS, INSUR-
ANCE PRODUCERS, OR OTHER ENTITIES OR PERSONS LICENSED, AUTHORIZED TO  DO
BUSINESS,  CERTIFIED, OR REGISTERED UNDER THE BANKING LAW, THE INSURANCE
LAW, OR THIS CHAPTER, INCLUDING PUBLIC STATEMENTS,  RECOMMENDATIONS  AND
DECISIONS  OF  THE  SUPERINTENDENT,  OCCURRING DURING THE YEAR FOR WHICH
SUCH REPORT IS RENDERED, WHICH, IN THE JUDGMENT OF  THE  SUPERINTENDENT,
MAY BE OF HISTORICAL OR REGULATORY SIGNIFICANCE;
  (15)  LEGISLATIVE RECOMMENDATIONS THAT THE SUPERINTENDENT DEEMS NECES-
SARY OR DESIRABLE; AND
  (16) A SUMMARY OF THE DEPARTMENT'S RECEIPTS AND  EXPENSES  DURING  THE
PRECEDING FISCAL YEAR, INCLUDING ANY EXPENSES OF LIQUIDATION PAID OUT OF
AMOUNTS APPROPRIATED BY THE LEGISLATURE, THE AMOUNTS APPROPRIATED BY THE
LEGISLATURE FOR THE EXPENSES OF THE DEPARTMENT DURING SUCH YEAR, AND THE
AMOUNT,  IF ANY, FOR WHICH THE TREASURY OF THE STATE SHALL NOT HAVE BEEN
REIMBURSED AT THE DATE OF SUCH REPORT.
  (B) THE SUPERINTENDENT MAY, IN ADDITION  TO  THE  ABOVE  REQUIREMENTS,
INCLUDE  IN  SUCH  REPORT ANY OTHER MATTER OR DATA CONCERNING INSURANCE,

S. 6710--A                          4

BANKING, FINANCIAL PRODUCTS OR SERVICES OR THE  SUPERINTENDENT'S  DUTIES
UNDER  THE INSURANCE LAW, THE BANKING LAW, OR THIS CHAPTER, WHICH IN THE
SUPERINTENDENT'S JUDGMENT, IS OF GENERAL INTEREST OR IMPORT.
  S 5. This act shall take effect immediately.

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