| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 08, 2014 |
referred to insurance |
| Jun 03, 2013 |
reported and committed to rules |
| Jan 10, 2013 |
referred to insurance |
Senate Bill S2091
2013-2014 Legislative Session
Sponsored By
(R, C) 60th Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
Actions
Votes
co-Sponsors
(R, C) Senate District
(R, C, IP, RFM) Senate District
2013-S2091 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง2305, Ins L
2013-S2091 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2091
TITLE OF BILL: An act to amend the insurance law, in relation to rate
filings
PURPOSE: This bill will reduce the cost of title insurance in New
York by no longer requiring the Superintendent of Financial Services
to approve rates, rating plans and rules manuals before title
insurance can be sold.
SUMMARY OF PROVISIONS:
Section 1 removes title insurance from the list of insurances that
require prior approval of rates, rating plans and rules manuals by the
Superintendent of Financial Services.
Section 2 provides for an immediate effective date.
JUSTIFICATION: Title insurance is included among the types of
insurance that require prior approval of rates, rating plans and rules
manuals by the Superintendent of Financial Services. This requirement
reduces competition among title insurance companies and yet there is
no reason for title insurance to be so rigorously regulated. In New
York, only a fraction of one percent of title insurance policies ever
have to pay against a claim, and only about five percent of premiums
are paid out to meet claims. This is far less than other insurance
2013-S2091 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2091
2013-2014 Regular Sessions
I N S E N A T E
January 10, 2013
___________
Introduced by Sen. GALLIVAN -- 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 rate filings
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (b) of section 2305 of the insurance law, as
amended by chapter 11 of the laws of 2008, paragraph 13 as amended by
chapter 136 of the laws of 2008, is amended to read as follows:
(b) rate filings for:
(1) workers' compensation insurance;
(2) motor vehicle insurance, or surety bonds, required by section
three hundred seventy of the vehicle and traffic law;
(3) joint underwriting;
(4) motor vehicle assigned risk insurance;
(5) insurance issued by the New York Property Insurance Underwriting
Association;
(6) risk sharing plans authorized by section two thousand three
hundred eighteen of this article;
(7) [title insurance;
(8)] medical malpractice liability insurance;
[(9)] (8) insurance issued by the Medical Malpractice Insurance Asso-
ciation;
[(10)] (9) mortgage guaranty insurance;
[(11)] (10) credit property insurance, as defined in section two thou-
sand three hundred forty of this article; and
[(12)] (11) gap insurance
[(13)] (12) Private passenger automobile insurance, except as provided
in section two thousand three hundred fifty of this article.
shall be filed with the superintendent and shall not become effective
unless either the filing has been approved or thirty days, which the
superintendent may with cause extend an additional thirty days and with
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02101-01-3
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