Assembly Bill A4885

2017-2018 Legislative Session

Directs state insurance fund to offer title insurance and authorizes superintendent of financial services to implement such

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2017-A4885 (ACTIVE) - Details

Current Committee:
Assembly Labor
Law Section:
Workers' Compensation Law
Laws Affected:
Amd §76, Work Comp L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9441
2011-2012: A4168
2013-2014: A680
2015-2016: A2603
2019-2020: A4354

2017-A4885 (ACTIVE) - Summary

Directs state insurance fund to offer title insurance and authorizes superintendent of insurance to implement such program.

2017-A4885 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4885
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Labor
 
 AN  ACT to amend the workers' compensation law, in relation to directing
   the state insurance fund to offer title insurance or  certificates  of
   clear title
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 76 of the workers' compensation law is  amended  by
 adding a new subdivision 6 to read as follows:
   6.  THE  PURPOSES  OF THE STATE INSURANCE FUND CREATED IN THIS SECTION
 ARE HEREBY ENLARGED TO PERMIT IT TO FURNISH TITLE INSURANCE POLICIES, AS
 DEFINED IN SUBSECTION (B) OF SECTION SIX THOUSAND FOUR  HUNDRED  ONE  OF
 THE  INSURANCE  LAW, AND/OR CERTIFICATES OF CLEAR TITLE. A SEPARATE FUND
 IS HEREBY CREATED WITHIN THE STATE INSURANCE FUND, WHICH SHALL BE  KNOWN
 AS  THE  "TITLE INSURANCE FUND", AND WHICH SHALL CONSIST OF ALL PREMIUMS
 RECEIVED AND PAID INTO SAID FUND ON ACCOUNT OF SUCH INSURANCE, ALL SECU-
 RITIES ACQUIRED BY AND THROUGH THE USE OF MONEYS BELONGING TO SAID  FUND
 AND  OF INTEREST EARNED UPON MONEYS BELONGING TO SAID FUND AND DEPOSITED
 OR INVESTED AS HEREIN PROVIDED.  SAID  TITLE  INSURANCE  FUND  SHALL  BE
 APPLICABLE TO THE PAYMENTS, EXPENSES AND ASSESSMENTS ON ACCOUNT OF TITLE
 INSURANCE  POLICIES WRITTEN PURSUANT TO THE RULES AND REGULATIONS ESTAB-
 LISHED BY THE SUPERINTENDENT OF FINANCIAL SERVICES.
   § 2. The superintendent of financial services is hereby:
   1. directed to create, within the insurance department, a title insur-
 ance bureau which shall implement the  title  insurance  program  estab-
 lished by this act; and
   2.  authorized  to prescribe, amend and withdraw rules and regulations
 implementing the provisions of subdivision 6 of section 76 of the  work-
 ers' compensation law, as added by section one of this act.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09090-01-7

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