Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 09, 2022 |
signed chap.193 |
Apr 27, 2022 |
delivered to governor |
Mar 24, 2022 |
returned to assembly passed senate 3rd reading cal.714 substituted for s7087a |
Feb 28, 2022 |
referred to energy and telecommunications delivered to senate passed assembly |
Feb 17, 2022 |
advanced to third reading cal.437 |
Feb 16, 2022 |
reported |
Jan 05, 2022 |
referred to insurance |
Jun 04, 2021 |
referred to insurance |
Assembly Bill A7987
Signed By Governor2021-2022 Legislative Session
Sponsored By
CUSICK
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
Actions
Votes
co-Sponsors
Nader sayegh
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) - 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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.