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


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 15, 2020 referred to insurance

Co-Sponsors

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) - Summary

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

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