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 |
Senate Bill S6808
2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
2011-S6808 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9783
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Add Art 58 ยงยง5801 - 5808, Ins L
2011-S6808 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6808 TITLE OF BILL: An act to amend the insurance law, in relation to domes- tic excess line insurance companies PURPOSE: The purpose of this legislation is to facilitate the formation and operation of domestic line insurance companies within New York State. SUMMARY OF PROVISIONS: This bill amends insurance law by adding a new article 58 to create domestic excess line insurance companies. Specif- ically, the bill authorizes the superintendent to provide a certificate of eligibility permitting domestic excess line insurers to enter insur- ance transactions through excess line licensees, procuring excess line insurance, provide independently procured insurance to the extent permitted by law and conduct an excess line and/or surplus line business in any other state which grants the insurer eligibility. The bill would allow a New York-domiciled insurer to be treated as non-admitted in New York for the purposes of writing surplus lines policies in New York. Further, the legislation defines a domestic lines insurance company and provides that a domestic excess line insurance company is deemed a non- admitted insurer for the purposes of the Dodd Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203. EXISTING LAW: The insurance law currently does not provide for the formation and operation of a domestic excess line insurance company
2011-S6808 (ACTIVE) - 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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