senate Bill S4558A

2017-2018 Legislative Session

Removes the state insurance fund's exemption from licensing and other requirements of the insurance law

download bill text pdf

Sponsored By

Current Bill Status - In Senate Insurance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to insurance
May 10, 2017 print number 4558a
May 10, 2017 amend (t) and recommit to insurance
Feb 17, 2017 referred to insurance

S4558 - Details

See Assembly Version of this Bill:
A8471
Law Section:
Insurance Law
Laws Affected:
Amd §§1108 & 4522, Ins L; amd §§83, 94, 89 & 76, Work Comp L
Versions Introduced in Previous Legislative Sessions:
2015-2016: S254
2013-2014: S6755
2011-2012: S3836
2009-2010: S1662

S4558 - Summary

Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of financial services to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.

S4558 - Sponsor Memo

S4558 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4558

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 17, 2017
                               ___________

Introduced  by  Sen. LAVALLE -- 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 removing the exemption
  of the state insurance fund from licensing and other requirements;  to
  amend  the  workers'  compensation  law,  in relation to requiring the
  superintendent of insurance to approve the rules adopted by the  state
  insurance fund for the conduct of its business; and to amend the work-
  ers'  compensation law, in relation to the requirement for policyhold-
  ers to provide 30 days notice to withdraw  from  the  state  insurance
  fund

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 1108  of  the  insurance  law,  subsection  (c)  as
amended  by  section  38  of  part SS of chapter 54 of the laws of 2016,
subsection (j) as added by section 2 of part R of chapter 56 of the laws
of 2010, subsection (k) as added by chapter 181 of  the  laws  of  2012,
subsection  (k)  as  added  by  chapter  246  of  the  laws  of 2012 and
subsection (n) as added by chapter 454 of the laws of 2014,  is  amended
to read as follows:
  S  1108.  Insurers  exempt  from licensing and other requirements. The
following insurers, their officers, agents, representatives and  employ-
ees shall be exempt from licensing and other requirements imposed by the
provisions  of  this chapter (except article seventy-four hereof) to the
extent specified below:
  (a) Any charitable annuity society which complies  with  the  require-
ments  of  section  one thousand one hundred ten of this article, to the
extent therein stated.
  (b) Any fraternal benefit society,  membership  corporation  or  other
organization exempted under the provisions of article forty-five of this
chapter, to the extent therein stated.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09688-01-7

S4558A (ACTIVE) - Details

See Assembly Version of this Bill:
A8471
Law Section:
Insurance Law
Laws Affected:
Amd §§1108 & 4522, Ins L; amd §§83, 94, 89 & 76, Work Comp L
Versions Introduced in Previous Legislative Sessions:
2015-2016: S254
2013-2014: S6755
2011-2012: S3836
2009-2010: S1662

S4558A (ACTIVE) - Summary

Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of financial services to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.

S4558A (ACTIVE) - Sponsor Memo

S4558A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 4558--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 17, 2017
                               ___________

Introduced  by  Sen. LAVALLE -- 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 removing the exemption
  of  the state insurance fund from licensing and other requirements; to
  amend the workers' compensation law,  in  relation  to  requiring  the
  superintendent  of insurance to approve the rules adopted by the state
  insurance fund for the conduct of its business; to amend the  workers'
  compensation  law, in relation to the requirement for policyholders to
  provide 30 days notice to withdraw from the state insurance fund;  and
  to  permit  the  state insurance fund to compensate licensed insurance
  brokers for services provided to clients insured by the fund

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  1108  of  the  insurance  law, subsection (c) as
amended by section 38 of part SS of chapter 54  of  the  laws  of  2016,
subsection (j) as added by section 2 of part R of chapter 56 of the laws
of  2010,  subsection  (k)  as added by chapter 181 of the laws of 2012,
subsection (k) as  added  by  chapter  246  of  the  laws  of  2012  and
subsection  (n)  as added by chapter 454 of the laws of 2014, is amended
to read as follows:
  S 1108. Insurers exempt from licensing  and  other  requirements.  The
following  insurers, their officers, agents, representatives and employ-
ees shall be exempt from licensing and other requirements imposed by the
provisions of this chapter (except article seventy-four hereof)  to  the
extent specified below:
  (a)  Any  charitable  annuity society which complies with the require-
ments of section one thousand one hundred ten of this  article,  to  the
extent therein stated.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09688-03-7

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