Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 29, 2016 |
vetoed memo.221 |
Sep 20, 2016 |
delivered to governor |
Jun 16, 2016 |
returned to senate passed assembly ordered to third reading rules cal.417 substituted for a10292a |
Jun 15, 2016 |
referred to codes delivered to assembly passed senate |
Jun 06, 2016 |
advanced to third reading amended (t) 7534a |
Jun 02, 2016 |
2nd report cal. |
Jun 01, 2016 |
1st report cal.1287 |
May 09, 2016 |
referred to insurance |
Senate Bill S7534A
Vetoed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2015-S7534 - Details
- See Assembly Version of this Bill:
- A10292
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §311, Ins L
2015-S7534 - Sponsor Memo
BILL NUMBER: S7534 TITLE OF BILL : An act to amend the insurance law, in relation to the establishment of an administrative procedure for guidance, regulations, inquiries and examinations by the department of financial services PURPOSE : The purpose of this bill is to institute greater administrative functions to be performed by the Department of Financial Services when they impose guidance, regulations, inquiries and examinations on the insurance industry. SUMMARY OF PROVISIONS : This bill provides for amendments to §§ 301, 308 and 311 of the insurance law to establish greater administrative procedures for the imposition of guidance, regulations, inquiries and examinations by the Department of Financial Services. The amendment to § 301 of the insurance law provides that, when imposing a regulation, rule or guidance, the Superintendent of the Department of Financial Services must consider whether or not such proposal will cause undue deleterious economic effect or have an
2015-S7534 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7534 I N S E N A T E May 9, 2016 ___________ 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 the establishment of an administrative procedure for guidance, regulations, inquiries and examinations by the department of financial services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 301 of the insurance law is amended to read as follows: S 301. Regulations by superintendent. (A) The superintendent shall have the power to prescribe and from time to time withdraw or amend, in writing, regulations, not inconsistent with the provisions of this chap- ter: [(a)] (1) governing the duties assigned to the members of the staff of the department; [(b)] (2) effectuating any power, given to him under the provisions of this chapter to prescribe forms or otherwise make regulations; [(c)] (3) interpreting the provisions of this chapter; and [(d)] (4) governing the procedures to be followed in the practice of the department. (B) WHEN PROPOSING ANY REGULATION, RULE OR GUIDANCE, THE SUPERINTEN- DENT SHALL CONSIDER AND DETERMINE WHETHER OR NOT SUCH PROPOSAL WILL CAUSE UNDUE DELETERIOUS ECONOMIC EFFECT OR HAVE AN OVERLY BURDENSOME IMPACT UPON ANY LICENSED ENTITY UPON WHICH IT IS INTENDED TO BE IMPOSED, TAKING INTO PARTICULAR ACCOUNT ANY DISPROPORTIONATE IMPACT THAT IT MAY HAVE ON A DOMESTIC LICENSED ENTITY, AND WHETHER OR NOT THE PROPOSAL WILL NEGATIVELY IMPACT THE AFFORDABILITY OR AVAILABILITY OF A PRODUCT BEING OFFERED BY THE LICENSED ENTITY. IN MAKING THAT DETERMINATION, THE SUPER- INTENDENT SHOULD SET FORTH IN A WRITTEN STATEMENT THE PURPOSE OF, NECES- SITY FOR AND EXPECTED BENEFITS TO BE DERIVED FROM THE PROPOSAL. SUCH STATEMENT SHALL ALSO DETAIL THE PROJECTED COSTS OF COMPLYING WITH THE PROPOSAL, WHICH SHALL INCLUDE: (1) THE COSTS ASSOCIATED WITH IMPLEMENTING THE PROPOSAL BY THE LICENSED ENTITY, INCLUDING BUT NOT LIMITED TO HUMAN RESOURCE, TECHNOLOGY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2015-S7534A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10292
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §311, Ins L
2015-S7534A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7534A TITLE OF BILL : An act to amend the insurance law, in relation to filing a report in examination PURPOSE : The purpose of this bill is to institute greater administrative functions to be performed by the Department of Financial Services when they impose guidance, regulations, inquiries and examinations on the insurance industry. SUMMARY OF PROVISIONS : Section 1 provides for amendments to § 311 of the insurance law to establish administrative procedures around the process of the examination of insurance companies. The amendments establish that a company examination should be considered closed when the report on examination is adopted by the Superintendent of the Department of Financial Services. The legislation also requires that such report on examination must include information regarding whether any fine or regulatory action will be imposed as a result of the examination and the amount of the fine or nature of the regulatory action. Section 2 is the effective date.
2015-S7534A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7534--A Cal. No. 1287 I N S E N A T E May 9, 2016 ___________ 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, amended on second report, ordered to a third reading, and to be reprinted as amended, retaining its place in the order of third read- ing AN ACT to amend the insurance law, in relation to filing a report in examination THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 311 of the insurance law is amended to read as follows: S 311. Filing of report on examination. (a) Except as hereinafter provided the superintendent may withhold from public inspection for such time as he deems proper any report on examination made pursuant to section three hundred ten of this article. (b) (1) AN EXAMINATION SHALL BE CONSIDERED CLOSED WHEN THE REPORT ON EXAMINATION IS ADOPTED BY THE SUPERINTENDENT. Before adopting any such report and filing it for public inspection, the superintendent shall notify the insurer or other person examined of its contents [and], WHETHER ANY FINE WILL BE IMPOSED OR ANY REGULATORY ACTION WILL BE TAKEN AS A RESULT OF THE EXAMINATION AND THE AMOUNT OF ANY FINE TO BE IMPOSED OR NATURE OF ANY REGULATORY ACTION TO BE TAKEN. THE SUPERINTENDENT shall ALSO afford such insurer or other person a reasonable opportunity to obtain further details and to demand a hearing with reference to facts, conclusions or recommendations [therein] contained IN THE REPORT, OR ANY FINE TO BE IMPOSED OR REGULATORY ACTION TO TAKEN AS A RESULT OF THE EXAMINATION. (2) If a hearing is requested within ten days after [the giving] RECEIPT of [such] THE notice REQUIRED PURSUANT TO PARAGRAPH ONE OF THIS SUBSECTION, the superintendent shall give notice and a hearing in accordance with the provisions of this article. Such hearing shall be held before the superintendent or a deputy superintendent. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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