Assembly Bill A10432

Signed By Governor
2011-2012 Legislative Session

Relates to an exemption to certain provisions of law relating to risk-based capital for property/casualty insurance companies; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S7514 - 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

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2011-A10432 (ACTIVE) - Details

See Senate Version of this Bill:
S7514
Law Section:
Insurance Law
Laws Affected:
Rpld & add §1325, amd §2343, Ins L

2011-A10432 (ACTIVE) - Summary

Exempts medical malpractice insurance companies from provisions of law relating to the risk based financial standards applying to all property casualty insurance companies until December 31, 2016; extends certain prohibitions on requests for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.

2011-A10432 (ACTIVE) - Bill Text download pdf 

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

                                  10432

                          I N  A S S E M B L Y

                              May 29, 2012
                               ___________

Introduced by M. of A. LAVINE -- read once and referred to the Committee
  on Insurance

AN  ACT  to  amend  the  insurance  law,  in relation to an exemption to
  certain  provisions  of  law  relating  to  risk-based   capital   for
  property/casualty  insurance  companies; and to repeal section 1325 of
  the insurance law relating thereto

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

  Section  1.  Section  1325  of the insurance law is REPEALED and a new
section 1325 is added to read as follows:
  S 1325. EXEMPTION. FOR THE PURPOSES  OF  EXEMPTING  CERTAIN  INSURANCE
COMPANIES  FROM  THE  PROVISIONS  OF  SECTION ONE THOUSAND THREE HUNDRED
TWENTY-FOUR OF THIS ARTICLE, THE SUPERINTENDENT  SHALL  EXEMPT,  THROUGH
DECEMBER  THIRTY-FIRST,  TWO THOUSAND SIXTEEN, THOSE STOCK AND NON-STOCK
INSURANCE COMPANIES TO  WHICH  SUBPARAGRAPH  (B)  OF  PARAGRAPH  TWO  OF
SUBSECTION (B) OF SUCH SECTION APPLIES.
  S 2. Subsection (c) of section 2343 of the insurance law, as separate-
ly  amended by section 19 of part C and section 106-a of part H of chap-
ter 59 of the laws of 2011, is amended to read as follows:
  (c) Notwithstanding any other provision of this chapter,  no  applica-
tion for an order of rehabilitation or liquidation of a domestic insurer
whose  primary liability arises from the business of medical malpractice
insurance, as that term is defined in subsection  (b)  of  section  five
thousand  five hundred one of this chapter, shall be made on the grounds
specified in subsection (a)  or  (c)  of  section  seven  thousand  four
hundred two of this chapter at any time prior to [June thirtieth] DECEM-
BER THIRTY-FIRST, two thousand [fourteen] SIXTEEN.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15996-01-2

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