Assembly Bill A8712

Signed By Governor
2021-2022 Legislative Session

Authorizes the return of any operating reserve balances of members of a municipal insurance reciprocal

download bill text pdf

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Archive: Last Bill Status Via S7704 - 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-A8712 (ACTIVE) - Details

See Senate Version of this Bill:
S7704
Law Section:
Insurance Law
Laws Affected:
Amd §6109, Ins L (as proposed in S.4112 & A.3466)

2021-A8712 (ACTIVE) - Summary

Authorizes the return of any operating reserve balances of members of a municipal insurance reciprocal upon the municipal reciprocal insurer's demonstration that it will retain sufficient surplus to support its obligations and writings.

2021-A8712 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8712
 
                           I N  A S S E M B L Y
 
                             January 11, 2022
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT to amend the insurance law, in relation to authorizing the return
   of  any operating reserve balances of 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.    Subparagraph  (C)  of  paragraph 3 of subsection (a) of
 section 6109 of the insurance law, as amended by a chapter of  the  laws
 of  2021  amending  the insurance law relating 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, as proposed in legislative bills  numbers  S.  4112  and  A.
 3466, is amended to read as follows:
   (C)  in  the  case  of  a  municipal reciprocal insurer, authorize the
 return of any outstanding subscriber operating reserve balance UPON  THE
 MUNICIPAL  RECIPROCAL INSURER'S DEMONSTRATION THAT IT WILL RETAIN SUFFI-
 CIENT SURPLUS TO SUPPORT ITS OBLIGATIONS AND WRITINGS.
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a  chapter  of  the  laws of 2021 amending the insurance law
 relating to authorizing the  superintendent  of  financial  services  to
 authorize the return of subscribing member operating reserve balances to
 members  of a municipal insurance reciprocal, as proposed in legislative
 bills numbers S. 4112 and A. 3466, takes effect.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01939-02-2

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