senate Bill S3539A

Signed By Governor
2013-2014 Legislative Session

Permits certain agreements by domestic mutual insurance corporations

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (23)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 21, 2014 signed chap.410
Oct 09, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
ordered to third reading rules cal.438
substituted for a4833a
Jun 17, 2014 referred to insurance
delivered to assembly
passed senate
Jun 10, 2014 amended on third reading 3539a
May 07, 2014 advanced to third reading
May 06, 2014 2nd report cal.
May 05, 2014 1st report cal.490
Jan 08, 2014 referred to insurance
returned to senate
died in assembly
Mar 18, 2013 referred to insurance
delivered to assembly
passed senate
Feb 27, 2013 advanced to third reading
Feb 12, 2013 2nd report cal.
Feb 11, 2013 1st report cal.56
Feb 05, 2013 referred to insurance

Votes

view votes

May 5, 2014 - Insurance committee Vote

S3539
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Feb 11, 2013 - Insurance committee Vote

S3539
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Bill Amendments

Original
A (Active)
Original
A (Active)

S3539 - Details

See Assembly Version of this Bill:
A4833A
Law Section:
Insurance Law
Laws Affected:
Amd §1209, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2875
2009-2010: S7794A

S3539 - Summary

Permits certain agreements by domestic mutual insurance corporations.

S3539 - Sponsor Memo

S3539 - Bill Text download pdf

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

                                  3539

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

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  permitting  certain
  agreements by domestic mutual insurance corporations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (f) of section 1209  of  the  insurance  law  is
amended to read as follows:
  (f) No domestic mutual insurance corporation, except a domestic mutual
insurance company organized before January first, nineteen hundred forty
to  do  only marine protection and indemnity insurance, shall enter into
any agreement with any of the officers or directors, or with any firm or
corporation in which any such officer or director is pecuniarily  inter-
ested  directly  or indirectly, whereby the insurance corporation agrees
to pay, for the acquisition of business, any commission or other compen-
sation which under the agreement  is  increased  or  diminished  by  the
amount  of  such  business or by the insurance corporation's earnings on
such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY  A
DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE
INSURANCE  CORPORATION  TO  ENTER  INTO SUCH AN AGREEMENT WITH A FIRM OR
CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE  SUPERINTENDENT
DETERMINES  THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT
BE ADVERSELY AFFECTED; (2) THE OFFICER  OR  DIRECTOR  HAS  NO  PECUNIARY
INTEREST  DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE
OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD  NOT
BE  MATERIAL  IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM
VOLUME.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08131-01-3

S3539A (ACTIVE) - Details

See Assembly Version of this Bill:
A4833A
Law Section:
Insurance Law
Laws Affected:
Amd §1209, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S2875
2009-2010: S7794A

S3539A (ACTIVE) - Summary

Permits certain agreements by domestic mutual insurance corporations.

S3539A (ACTIVE) - Sponsor Memo

S3539A (ACTIVE) - Bill Text download pdf

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

                                 3539--A
    Cal. No. 490

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 5, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  -- reported favorably from said committee, ordered to first and second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the insurance law, in  relation  to  permitting  certain
  agreements by domestic mutual insurance corporations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (f) of section 1209  of  the  insurance  law  is
amended to read as follows:
  (f) No domestic mutual insurance corporation, except a domestic mutual
insurance company organized before January first, nineteen hundred forty
to  do  only marine protection and indemnity insurance, shall enter into
any agreement with any of the officers or directors, or with any firm or
corporation in which any such officer or director is pecuniarily  inter-
ested  directly  or indirectly, whereby the insurance corporation agrees
to pay, for the acquisition of business, any commission or other compen-
sation which under the agreement  is  increased  or  diminished  by  the
amount  of  such  business or by the insurance corporation's earnings on
such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY  A
DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE
INSURANCE  CORPORATION  TO  ENTER  INTO SUCH AN AGREEMENT WITH A FIRM OR
CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE  SUPERINTENDENT
DETERMINES  THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT
BE ADVERSELY AFFECTED; (2) THE OFFICER  OR  DIRECTOR  HAS  NO  PECUNIARY
INTEREST  DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE
OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD  NOT
BE  MATERIAL  IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM
VOLUME.   ANY SUCH AGREEMENT APPROVED BY  THE  SUPERINTENDENT  SHALL  BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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