senate Bill S4112

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 - Passed Senate


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

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2021 referred to insurance
delivered to assembly
passed senate
Apr 28, 2021 advanced to third reading
Apr 27, 2021 2nd report cal.
Apr 26, 2021 1st report cal.740
Feb 02, 2021 referred to insurance

Co-Sponsors

S4112 (ACTIVE) - Details

See Assembly Version of this Bill:
A3466
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6109, Ins L
Versions Introduced in 2019-2020 Legislative Session:
A10820

S4112 (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.

S4112 (ACTIVE) - Sponsor Memo

S4112 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4112
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed 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


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