|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 09, 2013||referred to labor|
senate Bill S307
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S307 - Details
S307 - Summary
Directs state insurance fund to offer title insurance and authorizes superintendent of insurance to implement such program.
S307 - Sponsor Memo
BILL NUMBER:S307 TITLE OF BILL: An act to amend the workers' compensation law, in relation to directing the state insurance fund to offer title insurance or certificates of clear title PURPOSE OR GENERAL IDEA OF BILL: It directs the state insurance fund to offer title insurance and authorizes the superintendent of insurance to implement. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Section 76 of The workers' compensation law is amended to add a new subdivision 6. §2: The superintendent of insurance is directed to create, within the insurance department, a title insurance bureau which shall implement the title insurance program. JUSTIFICATION:
S307 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 307 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. ADAMS -- read twice and ordered printed, and when printed to be committed to the Committee on Labor AN ACT to amend the workers' compensation law, in relation to directing the state insurance fund to offer title insurance or certificates of clear title THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 76 of the workers' compensation law is amended by adding a new subdivision 6 to read as follows: 6. THE PURPOSES OF THE STATE INSURANCE FUND CREATED IN THIS SECTION ARE HEREBY ENLARGED TO PERMIT IT TO FURNISH TITLE INSURANCE POLICIES, AS DEFINED IN SUBSECTION (B) OF SECTION SIX THOUSAND FOUR HUNDRED ONE OF THE INSURANCE LAW, AND/OR CERTIFICATES OF CLEAR TITLE. A SEPARATE FUND IS HEREBY CREATED WITHIN THE STATE INSURANCE FUND, WHICH SHALL BE KNOWN AS THE "TITLE INSURANCE FUND", AND WHICH SHALL CONSIST OF ALL PREMIUMS RECEIVED AND PAID INTO SAID FUND ON ACCOUNT OF SUCH INSURANCE, ALL SECU- RITIES ACQUIRED BY AND THROUGH THE USE OF MONEYS BELONGING TO SAID FUND AND OF INTEREST EARNED UPON MONEYS BELONGING TO SAID FUND AND DEPOSITED OR INVESTED AS HEREIN PROVIDED. SAID TITLE INSURANCE FUND SHALL BE APPLICABLE TO THE PAYMENTS, EXPENSES AND ASSESSMENTS ON ACCOUNT OF TITLE INSURANCE POLICIES WRITTEN PURSUANT TO THE RULES AND REGULATIONS ESTAB- LISHED BY THE SUPERINTENDENT OF INSURANCE. S 2. The superintendent of insurance is hereby: 1. directed to create, within the insurance department, a title insur- ance bureau which shall implement the title insurance program estab- lished by this act; and 2. authorized to prescribe, amend and withdraw rules and regulations implementing the provisions of subdivision 6 of section 76 of the work- ers' compensation law, as added by section one of this act. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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