Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 11, 2016 |
print number 2367b |
Jan 11, 2016 |
amend (t) and recommit to insurance |
Jan 06, 2016 |
referred to insurance returned to senate died in assembly |
Mar 11, 2015 |
referred to insurance delivered to assembly passed senate |
Mar 02, 2015 |
advanced to third reading |
Feb 26, 2015 |
2nd report cal. |
Feb 25, 2015 |
1st report cal.121 |
Feb 18, 2015 |
print number 2367a |
Feb 18, 2015 |
amend and recommit to insurance |
Jan 22, 2015 |
referred to insurance |
Senate Bill S2367A
2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- 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
Actions
Votes
Bill Amendments
2015-S2367 - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2132 & 6623, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6526
2015-S2367 - Sponsor Memo
BILL NUMBER:S2367 TITLE OF BILL: An act to amend the insurance law, in relation to enacting the "insurance modernization act of 2015" PURPOSE: There are two areas of the insurance law where the current law does not accurately reflect the realities of insurance operations. First, with the advent of electronic signatures and the ubiquitous nature of faxed or scanned documents with copies of signatures, the current Department of Financial Services' (DFS) requirement that applications by continuing insurance education providers must have original signatures is anachronistic. This bill would permit both original signatures and copies of signatures. Second, current law through an oversight does not expressly include advance premium cooperatives as a type of cooperative allowed to invest in certificates of deposit in a certain manner that is presently allowed for assessment cooperatives. This bill would correct this oversight by stating that all co-operative property/casualty insurance companies may invest in certificates of deposit under this applicable section of law.
2015-S2367 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2367 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ 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 enacting the "insur- ance modernization act of 2015" 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 2015." 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 2015" 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. 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 5. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
2015-S2367A - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2132 & 6623, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6526
2015-S2367A - Sponsor Memo
BILL NUMBER:S2367A TITLE OF BILL: An act to amend the insurance law, in relation to enacting the "insurance modernization act of 2015" PURPOSE: There are two areas of the insurance law where the current law does not accurately reflect the realities of insurance operations. First, with the advent of electronic signatures and the ubiquitous nature of faxed or scanned documents with copies of signatures, the current Department of Financial Services' (DFS) requirement that applications by continuing insurance education providers must have original signatures is anachronistic. This bill would permit both original signatures and copies of signatures Second, current law through an oversight does not expressly include advance premium cooperatives as a type of cooperative allowed to invest in certificates of deposit in a certain manner that is presently allowed for assessment cooperatives This bill would correct this oversight by stating that all co-operative property/casualty insurance companies may invest in certificates of deposit under this applicable section of law, SUMMARY OF PROVISIONS:
2015-S2367A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2367--A 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to enacting the "insur- ance modernization act of 2015" 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 2015." S 2. The legislature finds and declares that there is a need for modernizing two 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 2015" would permit all forms of signa- tures for continuing insurance education course providers 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. 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 5. This act shall take effect immediately.
2015-S2367B (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2132 & 6623, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
S6526
2015-S2367B (ACTIVE) - Sponsor Memo
BILL NUMBER: S2367B TITLE OF BILL : An act to amend the insurance law, in relation to enacting the "insurance modernization act of 2016" PURPOSE : There are two areas of the insurance law where the current law does not accurately reflect the realities of insurance operations. First, with the advent of electronic signatures and the ubiquitous nature of faxed or scanned documents with copies of signatures, the current Department of Financial Services' (DFS) requirement that applications by continuing insurance education providers must have original signatures is anachronistic. This bill would permit both original signatures and copies of signatures. Second, current law through an oversight does not expressly include advance premium cooperatives as a type of cooperative allowed to invest in certificates of deposit in a certain manner that is presently allowed for assessment cooperatives. This bill would correct this oversight by stating that all co-operative property/casualty insurance companies may invest in certificates of deposit under this applicable section of law.
2015-S2367B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2367--B 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Insurance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the insurance law, in relation to enacting the "insur- ance modernization act of 2016" 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 2016." S 2. The legislature finds and declares that there is a need for modernizing two 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 2016" would permit all forms of signa- tures for continuing insurance education course providers 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. 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: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06933-04-6
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