senate Bill S7353

Signed By Governor
2013-2014 Legislative Session

Relates to encouraging modernization of mutual and cooperative insurance companies' information systems technology

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 17, 2014 approval memo.26
signed chap.527
Dec 05, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
ordered to third reading rules cal.492
substituted for a9793
Jun 17, 2014 referred to insurance
delivered to assembly
passed senate
Jun 02, 2014 advanced to third reading
May 29, 2014 2nd report cal.
May 28, 2014 1st report cal.969
May 14, 2014 referred to insurance

S7353 - Details

See Assembly Version of this Bill:
A9793
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง4110 & 6613, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S4043A

S7353 - Summary

Relates to expenses incurred during the modernization of mutual and cooperative insurance companies' information systems technology.

S7353 - Sponsor Memo

S7353 - Bill Text download pdf

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

                                  7353

                            I N  S E N A T E

                              May 14, 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 encouraging moderniza-
  tion  of  mutual  and  cooperative  insurance  companies'  information
  systems technology

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

  Section 1. Subsection (a) of section 4110 of  the  insurance  law,  as
amended  by  chapter  527  of  the  laws  of 2006, is amended to read as
follows:
  (a) No domestic mutual property/casualty insurance company licensed to
write a kind of insurance specified in  paragraph  seven,  eight,  nine,
ten,  eleven,  thirteen,  fourteen,  fifteen,  sixteen  or  seventeen of
subsection (a) of section one thousand  one  hundred  thirteen  of  this
chapter  shall expend in any one calendar year for management expenses a
greater amount than thirty percent of the sum of its net premium  income
and  seventy-five  percent  of  its  investment  income  for  such year;
provided that any insurer whose principal line of  business  is  medical
malpractice  liability  insurance or any insurer who is the subject of a
proceeding pursuant to article seventy-four of this  chapter  shall  not
expend  in  any  one  calendar  year  for management expenses, a greater
amount than thirty percent of its net  premium  income  for  such  year.
Management expenses shall be held to include all expenses of the company
except expenses incurred in the investigation, adjustment and settlement
of  claims,  taxes, fees and expenses of examination, and taxes, repairs
and expenses on real estate. In applying the provisions of this  section
the  net premium income of, and expenses of, boiler and machinery insur-
ance or elevator insurance shall not be included.  IN THE EVENT EXPENSES
INCURRED IN MAKING A NEW SYSTEM  UPGRADE  RESULT  IN  THIS  SUBSECTION'S
MANAGEMENT  EXPENSES LIMIT BEING EXCEEDED, THEN THE INSURER SHALL INFORM
THE SUPERINTENDENT SIXTY DAYS IN ADVANCE  OF  THE  EXPENSE  LIMIT  BEING
EXCEEDED.  SUBJECT TO APPROVAL BY THE SUPERINTENDENT, THE LIMIT SHALL BE
TEMPORARILY RAISED TO THE AMOUNT NECESSARY TO ENCOMPASS THE  AFORESTATED
NEW  SYSTEM UPGRADE, PROVIDED THAT IN NO EVENT SHALL THE LIMIT BE RAISED

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

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