| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 03, 2018 |
referred to insurance |
| Feb 14, 2017 |
reported and committed to finance |
| Jan 27, 2017 |
referred to insurance |
Senate Bill S3889
2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
Actions
Votes
2017-S3889 (ACTIVE) - Details
2017-S3889 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3889
TITLE OF BILL : An act in relation to the creation of the title
insurance assessment relief act
PURPOSE :
To amend the law so that all New York-domiciled licensed title
underwriters are assessed on the net premiums retained on policies
issued for property located within the state of New York.
SUMMARY OF PROVISIONS :
Section one amends the law to allow a title insurer domiciled in New
York State to be assessed on direct premiums written less amounts paid
to or retained by title agents in New York State during the calendar
year immediately preceding the fiscal year for which the assessment is
made
Section two sets forth the effective date.
JUSTIFICATION :
Title insurers domiciled in New York State are subject to annual
assessments pursuant to Section 206 of the Financial Services Law to
cover operating expenses of the department solely attributable to
2017-S3889 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3889
2017-2018 Regular Sessions
I N S E N A T E
January 27, 2017
___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance
AN ACT in relation to the creation of the title insurance assessment
relief act
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Title insurance assessment relief act. Notwithstanding
section 206 of the financial services law, title insurance corporations
licensed under paragraph 18 of subsection (a) of section 1113 of the
insurance law and domiciled in New York state shall be assessed on
direct premiums written less amounts paid to or retained by title agents
in this state during the calendar year ending December thirty-first
immediately preceding the end of the fiscal year for which the assess-
ment is made (less return premiums and considerations thereon) for poli-
cies or contracts of insurance covering title in this state the issuance
of which policies or contracts requires a license from the superinten-
dent of financial services.
ยง 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01592-01-7
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