senate Bill S6808

2011-2012 Legislative Session

Relates to domestic excess line insurance companies

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2012 referred to insurance
delivered to assembly
passed senate
Jun 11, 2012 advanced to third reading
Jun 06, 2012 2nd report cal.
Jun 05, 2012 1st report cal.1064
Apr 25, 2012 reported and committed to finance
Mar 23, 2012 referred to insurance

Votes

view votes

Jun 5, 2012 - Finance committee Vote

S6808
34
0
committee
34
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Apr 25, 2012 - Insurance committee Vote

S6808
16
0
committee
16
Aye
0
Nay
0
Aye with Reservations
1
Absent
1
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Apr 25, 2012

absent (1)
excused (1)

S6808 - Details

See Assembly Version of this Bill:
A9783
Law Section:
Insurance Law
Laws Affected:
Add Art 58 ยงยง5801 - 5808, Ins L

S6808 - Summary

Relates to domestic excess line insurance companies.

S6808 - Sponsor Memo

S6808 - Bill Text download pdf

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

                                  6808

                            I N  S E N A T E

                             March 23, 2012
                               ___________

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 domestic  excess  line
  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 article 58  to
read as follows:
                                ARTICLE 58
                DOMESTIC EXCESS LINE INSURANCE COMPANIES
SECTION 5801. PURPOSE AND APPLICABILITY OF ARTICLE.
        5802. DEFINITIONS.
        5803. ORGANIZATION AND APPROVAL.
        5804. TAXATION.
        5805. POLICY RATE AND FORMS.
        5806. APPLICABILITY OF OTHER LAWS.
        5807. EXEMPTIONS.
        5808. MANDATORY DISCLOSURE NOTICE.
  S  5801.  PURPOSE  AND  APPLICABILITY  OF ARTICLE. THE PURPOSE OF THIS
ARTICLE IS TO FACILITATE THE FORMATION AND OPERATION OF DOMESTIC  EXCESS
LINE INSURANCE COMPANIES WITHIN THE STATE OF NEW YORK.
  S  5802.  DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  (A) "CERTIFICATE OF ELIGIBILITY" MEANS A  WRITTEN  AUTHORIZATION  FROM
THE  SUPERINTENDENT  PERMITTING A DOMESTIC EXCESS LINE INSURANCE COMPANY
TO:
  (1) ENTER INSURANCE TRANSACTIONS THROUGH EXCESS LINE LICENSEES PROCUR-
ING EXCESS LINE INSURANCE;
  (2) PROVIDE INDEPENDENTLY PROCURED INSURANCE TO THE  EXTENT  PERMITTED
BY LAW; AND
  (3)  CONDUCT  AN EXCESS LINE AND/OR SURPLUS LINE BUSINESS IN ANY OTHER
STATE WHICH GRANTS THE INSURER ELIGIBILITY.
  (B) "DOMESTIC EXCESS LINE INSURANCE COMPANY" MEANS:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14540-02-2

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