senate Bill S5923

2013-2014 Legislative Session

Relates to the licensing of agents of authorized title insurance corporations; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Aug 07, 2013 referred to rules

S5923 - Details

See Assembly Version of this Bill:
A8202
Law Section:
Insurance Law
Laws Affected:
Rpld §2101 sub§ (k) ¶4, amd Ins L, generally

S5923 - Summary

Relates to the licensing of agents of authorized title insurance corporations.

S5923 - Sponsor Memo

S5923 - Bill Text download pdf

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

                                  5923

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             August 7, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the insurance law,  in  relation  to  the  licensing  of
  agents  of  authorized  title  insurance  corporations;  and to repeal
  certain provisions of such law relating thereto

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

  Section  1. The opening paragraph of subsection (k) of section 2101 of
the insurance law, as added by chapter 687  of  the  laws  of  2003,  is
amended to read as follows:
  In  this article, "insurance producer" means an insurance agent, TITLE
INSURANCE AGENT,  insurance  broker,  reinsurance  intermediary,  excess
lines broker, or any other person required to be licensed under the laws
of  this  state to sell, solicit or negotiate insurance. Such term shall
not include:
  S 2. Paragraph 4 of subsection (k) of section 2101  of  the  insurance
law  is  REPEALED and paragraphs 5, 6, 7, 8, 9, 10, 11 and 12 are renum-
bered paragraphs 4, 5, 6, 7, 8, 9, 10 and 11.
  S 3. Section 2101 of the insurance law is  amended  by  adding  a  new
subsection (y) to read as follows:
  (Y)  (1) IN THIS CHAPTER, "TITLE INSURANCE AGENT" MEANS ANY AUTHORIZED
OR ACKNOWLEDGED AGENT OF A TITLE INSURANCE CORPORATION, WHICH  EVALUATES
THE  TITLE  SEARCH  TO  DETERMINE  INSURABILITY  OF  TITLE  AND PERFORMS
SUBSTANTIALLY ALL OF THE FOLLOWING FUNCTIONS:
  (A) PREPARES AND ISSUES A TITLE INSURANCE COMMITMENT OR CERTIFICATE OF
TITLE FOR THE PURPOSE OF ISSUING A TITLE INSURANCE POLICY;
  (B) CLEARS UNDERWRITING EXCEPTIONS IN CONNECTION WITH THE ISSUANCE  OF
A TITLE INSURANCE POLICY;
  (C)  ITSELF OR BY ITS DESIGNEE MARKS UP THE TITLE INSURANCE COMMITMENT
OR CERTIFICATE OF TITLE TO BIND A TITLE INSURANCE CORPORATION;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11674-01-3

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