Assembly Bill A7987

Signed By Governor
2021-2022 Legislative Session

Authorizes the power authority of the state of New York to form a pure captive insurance company

download bill text pdf

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Archive: Last Bill Status - Signed by Governor


  • 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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2021-A7987 (ACTIVE) - Details

See Senate Version of this Bill:
S7087
Law Section:
Insurance Law
Laws Affected:
Amd §7002, Ins L; amd §1005, Pub Auth L; amd §§1500 & 1502-b, Tax L

2021-A7987 (ACTIVE) - Summary

Authorizes the power authority of the state of New York to form a pure captive insurance company.

2021-A7987 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7987
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 4, 2021
                                ___________
 
 Introduced by M. of A. CUSICK -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend the insurance law, the public authorities law and the
   tax law, in relation to authorizing the power authority of  the  state
   of New York to form a pure captive insurance company

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsections (e) and (g) of section 7002  of  the  insurance
 law,  as amended by chapter 188 of the laws of 2003, are amended to read
 as follows:
   (e) "Industrial insured" means an insured:
   (1) whose net worth exceeds one hundred million dollars;
   (2) who is a member of  a  holding  company  system  whose  net  worth
 exceeds one hundred million dollars;
   (3) who is the metropolitan transportation authority and its statutory
 subsidiaries.  When  filing an application to form a pure captive insur-
 ance company the  metropolitan  transportation  authority  shall  submit
 written  notice  of such filing to the governor, the temporary president
 of the senate and the speaker of the assembly; [or]
   (4) WHO IS THE POWER AUTHORITY OF THE STATE OF NEW YORK AND ANY STATU-
 TORY SUBSIDIARY THEREOF. WHEN FILING  AN  APPLICATION  TO  FORM  A  PURE
 CAPTIVE  INSURANCE  COMPANY  THE  POWER  AUTHORITY  SHALL SUBMIT WRITTEN
 NOTICE OF SUCH FILING TO THE GOVERNOR, THE TEMPORARY  PRESIDENT  OF  THE
 SENATE AND THE SPEAKER OF THE ASSEMBLY; OR
   (5)  who  is  a  city  with  a population of one million or more. When
 filing an application to form a pure captive insurance company,  a  city
 with  a population of one million or more shall submit written notice of
 such filing to the governor, the temporary president of the  senate  and
 the speaker of the assembly.
   (g)  "Industrial insured group" means any group of unaffiliated indus-
 trial insureds that are engaged in  similar  or  related  businesses  or

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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