assembly Bill A3466

Signed By Governor
2021-2022 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

download bill text pdf

Sponsored By

Current Bill Status Via S4112 - Signed by Governor


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 01, 2021 approval memo.53
signed chap.649
Nov 19, 2021 delivered to governor
May 24, 2021 returned to senate
passed assembly
ordered to third reading rules cal.87
substituted for a3466
May 24, 2021 substituted by s4112
rules report cal.87
reported
May 20, 2021 reported referred to rules
Jan 26, 2021 referred to insurance

Co-Sponsors

A3466 (ACTIVE) - Details

See Senate Version of this Bill:
S4112
Law Section:
Insurance Law
Laws Affected:
Amd §6109, Ins L
Versions Introduced in 2019-2020 Legislative Session:
A10820

A3466 (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.

A3466 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3466
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M.  of  A.  McDONALD,  GALEF,  DICKENS  -- 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.
                                                            LBD01939-01-1