Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 14, 2016 |
signed chap.433 |
Nov 02, 2016 |
delivered to governor |
Jun 14, 2016 |
returned to senate passed assembly ordered to third reading cal.816 substituted for a9337a referred to insurance delivered to assembly passed senate |
Jun 08, 2016 |
amended on third reading 6789a |
Jun 06, 2016 |
advanced to third reading |
Jun 02, 2016 |
2nd report cal. |
Jun 01, 2016 |
1st report cal.1285 |
Feb 23, 2016 |
referred to insurance |
Senate Bill S6789A
Signed By Governor2015-2016 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - 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
Actions
Votes
Bill Amendments
2015-S6789 - Details
- See Assembly Version of this Bill:
- A9337
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §6109, Ins L
2015-S6789 - Sponsor Memo
BILL NUMBER: S6789 TITLE OF BILL : An act to amend the insurance law, in relation to authorizing the superintendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purpose of accumulating a subscriber's operating reserve PURPOSE OR GENERAL IDEA OF BILL : To authorize the superintendent of the department of financial services to suspend continued funding of subscriber operating reserves in appropriate circumstances. SUMMARY OF SPECIFIC PROVISIONS : Section 1 would amend section 6109 of the insurance law entitled "Subscriber's operating reserve". Section 2 of the bill provides for an immediate effective date. EXISTING LAW : Under current law, the superintendent may approve alternative methods for accumulating Subscriber operating reserves upon application from a reciprocal's Attorney-in-Fact. However, the existing law does not specifically provide that the Superintendent s discretion would include suspension of further crediting of underwriting earnings to a Subscribers operating reserve. JUSTIFICATION : Municipal Insurance Reciprocals are licensed by the State to provide a long term stable and secure market for New York
2015-S6789 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 6789 A. 9337 S E N A T E - A S S E M B L Y February 23, 2016 ___________ IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print- ed, and when printed to be committed to the Committee on Insurance IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to authorizing the super- intendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purpose of accumulating a subscrib- er's operating reserve THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6109 of the insurance law, subsection (a) as amended by chapter 138 of the laws of 1987, is amended to read as follows: S 6109. Subscriber's operating reserve. (a) (1) Every subscriber of an authorized reciprocal insurer in which subscribers are subject to contingent liability shall accumulate a minimum operating reserve, to be credited to such subscriber on the books and records of such reciprocal insurer, by authorizing the attorney-in-fact to credit to such account at the end of the fiscal year of such reciprocal insurer, an amount not less than one quarter of such subscriber's underwriting earnings during such period. (2) Such accumulation shall be made so long as such subscriber's oper- ating reserve is less than twice the amount of annual premiums in force. (3) Notwithstanding the foregoing, the superintendent may, upon appli- cation from the attorney-in-fact[,]: (A) approve other methods for accumulating such subscriber's operating reserve; OR (B) PERMIT THE SUSPENSION OF THE ACCUMULATION OF THE OPERATING RESERVE FOR A FISCAL YEAR PROVIDED THAT THOSE EARNINGS ARE RETURNED TO THE SUBSCRIBER IN ACCORDANCE WITH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF SUBSECTION (C) OF THIS SECTION. (b) Any authorized reciprocal insurer may, pursuant to the terms of the subscriber's agreement and to any action of its advisory committee EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2015-S6789A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9337
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §6109, Ins L
2015-S6789A (ACTIVE) - Sponsor Memo
BILL NUMBER: S6789A TITLE OF BILL : An act to amend the insurance law, in relation to authorizing the superintendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purpose of accumulating a subscriber's operating reserve PURPOSE OR GENERAL IDEA OF BILL : To authorize the superintendent of the department of financial services to suspend continued funding of subscriber operating reserves in appropriate circumstances. SUMMARY OF SPECIFIC PROVISIONS : Section 1 would amend section 6109 of the insurance law entitled "Subscriber's operating reserve". Section 2 of the bill provides for an immediate effective date. EXISTING LAW : Under current law, the superintendent may approve alternative methods for accumulating Subscriber operating reserves upon application from a reciprocal's Attorney-in-Fact. However, the existing law does not
2015-S6789A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6789--A Cal. No. 1285 I N S E N A T E February 23, 2016 ___________ Introduced by Sen. BRESLIN -- 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, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to authorizing the super- intendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purpose of accumulating a subscrib- er's operating reserve THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6109 of the insurance law, subsection (a) as amended by chapter 138 of the laws of 1987, is amended to read as follows: S 6109. Subscriber's operating reserve. (a) (1) Every subscriber of an authorized reciprocal insurer in which subscribers are subject to contingent liability shall accumulate a minimum operating reserve, to be credited to such subscriber on the books and records of such reciprocal insurer, by authorizing the attorney-in-fact to credit to such account at the end of the fiscal year of such reciprocal insurer, an amount not less than one quarter of such subscriber's underwriting earnings during such period. (2) Such accumulation shall be made so long as such subscriber's oper- ating reserve is less than twice the amount of annual premiums in force. (3) Notwithstanding the foregoing, the superintendent may, upon appli- cation from the attorney-in-fact[,]: (A) approve other methods for accumulating such subscriber's operating reserve; OR (B) PERMIT THE SUSPENSION OF THE ACCUMULATION OF THE OPERATING RESERVE FOR A FISCAL YEAR PROVIDED THAT THOSE EARNINGS ARE RETURNED TO THE SUBSCRIBER IN ACCORDANCE WITH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF SUBSECTION (C) OF THIS SECTION. (b) Any authorized reciprocal insurer may, pursuant to the terms of the subscriber's agreement and to any action of its advisory committee EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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