Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jul 15, 2020 | referred to insurance |
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Actions
Co-Sponsors
Sandy Galef
Inez E. Dickens
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
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