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 |
Senate Bill S6710
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A10391 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2011-S6710 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L
2011-S6710 - 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
2011-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.
2011-S6710A (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1324, rpld §206, Ins L; rpld §43, Bank L; add §207, Fin Serv L
2011-S6710A (ACTIVE) - 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
2011-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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