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Assembly Bill A10820

2019-2020 Legislative Session

Authorizes the superintendent of financial services to authorize the return of subscribing member operating reserve balances to members of a municipal insurance reciprocal

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Archive: Last Bill Status - In Assembly Committee

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2019-A10820 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6109, Ins L
Versions Introduced in 2021-2022 Legislative Session:
A3466

2019-A10820 (ACTIVE) - Summary

Authorizes the superintendent of financial services to authorize the return of subscribing member operating reserve balances to members of a municipal insurance reciprocal.

2019-A10820 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10820
 
                           I N  A S S E M B L Y
 
                               July 15, 2020
                                ___________
 
 Introduced by COMMITTEE ON RULES -- (at request of 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 authorize the return of subscribing
   member  operating reserve balances to members of a municipal insurance
   reciprocal

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 3 of subsection (a) of section 6109 of the insur-
 ance  law,  as amended by chapter 433 of the laws of 2016, is amended to
 read as follows:
   (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; OR
   (C) IN THE CASE OF  A  MUNICIPAL  RECIPROCAL  INSURER,  AUTHORIZE  THE
 RETURN OF ANY OUTSTANDING SUBSCRIBER OPERATING RESERVE BALANCE.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16889-01-0

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