Senate Bill S4112

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

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-S4112 (ACTIVE) - Details

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

2021-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.

2021-S4112 (ACTIVE) - Sponsor Memo

2021-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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