senate Bill S6755

2013-2014 Legislative Session

Removes the state insurance funds exemption from licensing and other requirements of the insurance law

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 06, 2014 referred to insurance

Co-Sponsors

S6755 - Details

See Assembly Version of this Bill:
A9797
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§1108 & 4522, Ins L; amd §§83 & 94, Work Comp L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3836
2009-2010: S1662

S6755 - Summary

Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of insurance to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.

S6755 - Sponsor Memo

S6755 - Bill Text download pdf

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

                                  6755

                            I N  S E N A T E

                              March 6, 2014
                               ___________

Introduced  by  Sen. LAVALLE -- 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 removing the exemption
  of the state insurance fund from licensing and other requirements;  to
  amend  the  workers'  compensation  law,  in relation to requiring the
  superintendent of insurance to approve the rules adopted by the  state
  insurance fund for the conduct of its business; and to amend the work-
  ers'  compensation law, in relation to the requirement for policyhold-
  ers to provide 30 days notice to withdraw  from  the  state  insurance
  fund

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

  Section 1. Section 1108  of  the  insurance  law,  subsection  (c)  as
amended  by  chapter 838 of the laws of 1985, subsection (j) as added by
section 2 of part R of chapter 56 of the laws of 2010, subsection (k) as
added by chapter 181 of the laws of 2012, subsection  (l)  as  added  by
chapter  246  of  the  laws  of  2012,  subsection (l) as relettered and
subsection (m) as added by chapter 203 of the laws of 2013,  is  amended
to read as follows:
  S  1108.  Insurers  exempt  from licensing and other requirements. The
following insurers, their officers, agents, representatives and  employ-
ees shall be exempt from licensing and other requirements imposed by the
provisions  of  this chapter (except article seventy-four hereof) to the
extent specified below:
  (a) Any charitable annuity society which complies  with  the  require-
ments  of  section  one thousand one hundred ten of this article, to the
extent therein stated.
  (b) Any fraternal benefit society,  membership  corporation  or  other
organization exempted under the provisions of article forty-five of this
chapter, to the extent therein stated.
  [(c)  The  state  insurance  fund  of  this  state,  except  as to the
provisions of subsection (d) of section two thousand three hundred thir-
ty-nine, section three thousand one hundred ten, subsection  (a),  para-
graph  one  of  subsection  (b),  paragraph  three of subsection (c) and

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

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