Assembly Bill A9793

Signed By Governor
2013-2014 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status Via S7353 - Signed by Governor


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

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2013-A9793 (ACTIVE) - Details

See Senate Version of this Bill:
S7353
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง4110 & 6613, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S4043

2013-A9793 (ACTIVE) - Summary

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

2013-A9793 (ACTIVE) - Bill Text download pdf

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

                                  9793

                          I N  A S S E M B L Y

                              May 22, 2014
                               ___________

Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
  tee 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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