senate Bill S6526A

2013-2014 Legislative Session

Relates to enacting the "insurance modernization act of 2014"

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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 (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 19, 2014 referred to insurance
delivered to assembly
passed senate
Apr 29, 2014 amended on third reading (t) 6526a
Mar 12, 2014 advanced to third reading
Mar 11, 2014 2nd report cal.
Mar 10, 2014 1st report cal.241
Feb 03, 2014 referred to insurance

S6526 - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§2132, 3432 & 6623, Ins L

S6526 - Summary

Enacts the "insurance modernization act of 2014" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to expanding immunity protection for companies reporting certain fire losses; relates to allowing advance premium cooperative investment in certificates of deposit.

S6526 - Sponsor Memo

S6526 - Bill Text download pdf

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

                                  6526

                            I N  S E N A T E

                            February 3, 2014
                               ___________

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  all  forms
  of  signatures  for  continuing  insurance education course providers,
  expanding immunity protection for  companies  reporting  certain  fire
  losses  and allowing advance premium cooperative investment in certif-
  icates of deposit

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

  Section 1. Paragraph 3 of subsection (i) of section 2132 of the insur-
ance  law,  as  added  by chapter 656 of the laws of 1992, is amended to
read as follows:
  (3) The completed applications shall be returned in a  timely  manner,
as specified by the superintendent, PROVIDED THAT ANY SIGNATURE REQUIRE-
MENTS  SHALL  BE  DEEMED SATISFIED IF THE SIGNATURES COMPLY WITH SECTION
FORTY-SIX OF THE GENERAL CONSTRUCTION LAW, with a non-refundable  filing
fee  of  two hundred dollars per organization, fifty dollars per course,
program and seminar, and fifty dollars per instructor.
  S 2. Paragraph 6 of subsection (b) of section 3432  of  the  insurance
law,  as added by chapter 778 of the laws of 1986, is amended to read as
follows:
  (6) information required by the insurer or provided by the insurer  in
the  absence  of fraud or bad faith to a local fire investigation agency
[pursuant to section three thousand four hundred fifteen of  this  arti-
cle]  OF  A  "MUNICIPAL  CORPORATION"  AS  DEFINED IN SECTION TWO OF THE
GENERAL MUNICIPAL LAW.
  S 3. Subsection (c) of section 6623 of the insurance law, as added  by
chapter 431 of the laws of 2000, is amended to read as follows:
  (c)  Notwithstanding  the limitation of investments in certificates of
deposit set forth in subsection (a) of section one thousand four hundred
nine  of  this  chapter,  [an  assessment  corporation]  A  CO-OPERATIVE
PROPERTY/CASUALTY INSURANCE COMPANY may invest in certificates of depos-
it  of any one institution in an amount not to exceed the amount guaran-
teed by the Federal Deposit Insurance Corporation.
  S 4. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

S6526A (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§2132, 3432 & 6623, Ins L

S6526A (ACTIVE) - Summary

Enacts the "insurance modernization act of 2014" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to expanding immunity protection for companies reporting certain fire losses; relates to allowing advance premium cooperative investment in certificates of deposit.

S6526A (ACTIVE) - Sponsor Memo

S6526A (ACTIVE) - Bill Text download pdf

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

                                 6526--A
    Cal. No. 241

                            I N  S E N A T E

                            February 3, 2014
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the  Committee  on  Insurance  --  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 enacting the "insur-
  ance modernization act of 2014"

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

  Section  1.  This act shall be known, and may be cited as, the "insur-
ance modernization act of 2014."
  S 2. The legislature finds and declares  that  there  is  a  need  for
modernizing  three  discrete provisions of the insurance law in order to
streamline the conduct of the business of insurance  in  New  York.  The
"insurance  modernization  act of 2014" would permit all forms of signa-
tures for continuing insurance education course providers, expand  immu-
nity  protection  for  companies reporting certain fire losses and allow
advance premium cooperative investment in certificates of deposit.
  S 3. Paragraph 3 of subsection (i) of section 2132  of  the  insurance
law,  as added by chapter 656 of the laws of 1992, is amended to read as
follows:
  (3) The completed applications shall be returned in a  timely  manner,
as specified by the superintendent, PROVIDED THAT ANY SIGNATURE REQUIRE-
MENTS  SHALL  BE  DEEMED SATISFIED IF THE SIGNATURES COMPLY WITH SECTION
FORTY-SIX OF THE GENERAL CONSTRUCTION LAW, with a non-refundable  filing
fee  of  two hundred dollars per organization, fifty dollars per course,
program and seminar, and fifty dollars per instructor.
  S 4. Paragraph 6 of subsection (b) of section 3432  of  the  insurance
law,  as added by chapter 778 of the laws of 1986, is amended to read as
follows:
  (6) information required by the insurer or provided by the insurer  in
the  absence  of fraud or bad faith to a local fire investigation agency
[pursuant to section three thousand four hundred fifteen of  this  arti-

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

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