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Assembly Bill A8256

2011-2012 Legislative Session

Relates to an exemption for certain stock and non-stock insurance companies

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Archive: Last Bill Status - In Assembly Committee

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2011-A8256 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add ยง1326, Ins L

2011-A8256 (ACTIVE) - Summary

Relates to an exemption for certain stock and non-stock insurance companies.

2011-A8256 (ACTIVE) - Bill Text download pdf 

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

                                  8256

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2011
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in relation to exemption for  certain
  stock and non-stock 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 section  1326
to read as follows:
  S 1326. STATUTORY ASSOCIATION MEMBERSHIP; OBLIGATIONS. FOR THOSE STOCK
AND  NON-STOCK  COMPANIES  TO WHICH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF
SUBSECTION (B) OF SECTION ONE THOUSAND THREE HUNDRED TWENTY-FOUR OF THIS
ARTICLE APPLIES, NO LIABILITIES ARISING FROM THE OBLIGATIONS OF AN ASSO-
CIATION AUTHORIZED PURSUANT TO SUBPARAGRAPH  (D)  OF  PARAGRAPH  TWO  OF
SUBSECTION (C) OF SECTION FIVE THOUSAND FIVE HUNDRED TWO OF THIS CHAPTER
SHALL  BE  DUE AND OWING FROM SUCH COMPANIES UNLESS AND UNTIL SUCH OBLI-
GATIONS CAN ONLY BE SATISFIED, AFTER CONSIDERATION OF ALL  RESOURCES  OF
THE ASSOCIATION, INCLUDING BUT NOT LIMITED TO CURRENT PREMIUM INCOME, BY
A  CONTRIBUTION  FROM  SUCH  COMPANIES AND THE COMPANIES ARE NOTIFIED OF
SAME BY SUCH ASSOCIATION NOT LESS THAN  THREE  HUNDRED  SIXTY-FIVE  DAYS
PRIOR  TO  THE  DATE UPON WHICH SUCH OBLIGATIONS SHALL BE DUE AND OWING,
AND SHALL ONLY RELATE TO OBLIGATIONS OF THE ASSOCIATION THAT ARE ACTUAL-
LY DUE AND OWING BY THE ASSOCIATION IN THAT YEAR IN  WHICH  CONTRIBUTION
IS TO BE MADE BY THE COMPANIES. SUCH OBLIGATIONS SHALL NOT BE AGGREGATED
FOR ANY OTHER YEAR EXCEPT THAT IN WHICH CONTRIBUTION IS DUE AND OWING OR
PREVIOUS  YEARS IN WHICH CONTRIBUTIONS HAVE NOT BEEN SATISFIED; FURTHER,
SUCH LIABILITIES AND THE CONTRIBUTIONS THEREFOR SHALL  NOT  INCLUDE  ANY
CONTINGENT  LIABILITIES  OF  THE  ASSOCIATION  FOR  THE  YEAR  FOR WHICH
CONTRIBUTIONS ARE REQUESTED; PROVIDED,  HOWEVER,  THAT  COMPANIES  SHALL
MAINTAIN  AT  ALL  TIMES A RESERVE OF NOT LESS THAN TEN PERCENT OF THEIR
RESPECTIVE AND PROPORTIONATE LIABILITIES OF THE AGGREGATE DEFICIT OF THE
ASSOCIATION, AS SUCH RESPECTIVE AND  PROPORTIONATE  LIABILITIES  OF  THE
AGGREGATE  DEFICIT  ARE  REPORTED BY THE ASSOCIATION CONSISTENT WITH THE
PROVISIONS OF THIS SECTION.
  S 2. This act shall take effect immediately.

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