senate Bill S3858

2013-2014 Legislative Session

Relates to domestic excess line insurance companies

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Mar 04, 2013 reported and committed to finance
Feb 25, 2013 referred to insurance

Votes

view votes

Mar 4, 2013 - Insurance committee Vote

S3858
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

S3858 - Details

See Assembly Version of this Bill:
A5631
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 58 ยงยง5801 - 5809, Ins L

S3858 - Summary

Relates to domestic excess line insurance companies.

S3858 - Sponsor Memo

S3858 - Bill Text download pdf

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

                                  3858

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 25, 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 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 INSURANCE LAWS.
        5807. EXEMPTIONS.
        5808. PRINCIPAL PLACE OF BUSINESS.
        5809. 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 WHICH SHALL BE
SUBJECT TO REGULATION AND OVERSIGHT, WITH RESPECT TO FINANCIAL SOLVENCY,
INVESTMENTS, CORPORATE GOVERNANCE, REPORTING AND DISCLOSURE, AS PROVIDED
FOR IN THIS ARTICLE.
  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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06630-02-3

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