Assembly Bill A4356

2019-2020 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A4356 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§1108 & 4522, Ins L; amd §§83, 94, 89 & 76, Work Comp L
Versions Introduced in 2017-2018 Legislative Session:
A8471

2019-A4356 (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.

2019-A4356 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4356
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2019
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred 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; 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:
   § 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.
              

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