S T A T E   O F   N E W   Y O R K
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                                  9821

                          I N  A S S E M B L Y

                             April 13, 2012
                               ___________

Introduced  by  M. of A. MORELLE, ROBINSON -- (at request of the Depart-
  ment of Financial Services) -- read once and referred 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 Section 206 of the insurance law is REPEALED.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

A. 9821                             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;

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  (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.