senate Bill S7087A

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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Current Bill Status Via A7987 - Signed by Governor


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

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Actions

view actions (21)
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
Mar 24, 2022 substituted by a7987
Mar 22, 2022 advanced to third reading
Mar 21, 2022 2nd report cal.
Mar 15, 2022 1st report cal.714
Jan 05, 2022 referred to energy and telecommunications
returned to senate
died in assembly
Jun 10, 2021 referred to insurance
delivered to assembly
passed senate
ordered to third reading cal.1755
committee discharged and committed to rules
Jun 04, 2021 print number 7087a
Jun 04, 2021 amend (t) and recommit to energy and telecommunications
May 27, 2021 referred to energy and telecommunications

Votes

view votes

Mar 15, 2022 - Energy and Telecommunications committee Vote

S7087A
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Energy and Telecommunications committee vote details

Energy and Telecommunications Committee Vote: Mar 15, 2022

Jun 10, 2021 - Rules committee Vote

S7087A
20
0
committee
20
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S7087 - Details

See Assembly Version of this Bill:
A7987
Law Section:
Insurance Law
Laws Affected:
Amd §7002, Ins L; amd §1005, Pub Auth L; amd §§1500 & 1502-b, Tax L

S7087 - Summary

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

S7087 - Sponsor Memo

S7087 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7087
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 AN  ACT  to amend the public authorities law, the tax law and the insur-
   ance 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. Section 1005 of the public authorities law  is  amended  by
 adding a new subdivision 28 to read as follows:
   28.  THE  AUTHORITY  MAY  ESTABLISH  A  SUBSIDIARY CORPORATION FOR THE
 PURPOSE OF FORMING A PURE  CAPTIVE  INSURANCE  COMPANY  AS  PROVIDED  IN
 SECTION  SEVEN  THOUSAND  TWO  OF THE INSURANCE LAW. THE MEMBERS OF SUCH
 SUBSIDIARY CORPORATION OF THE AUTHORITY SHALL BE THE SAME PERSONS  HOLD-
 ING THE OFFICES OF MEMBERS OF THE AUTHORITY. SUCH SUBSIDIARY CORPORATION
 SHALL  HAVE  ALL OF THE PRIVILEGES, IMMUNITIES, TAX EXEMPTIONS AND OTHER
 EXEMPTIONS OF THE AUTHORITY AND OF THE AUTHORITY'S  PROPERTY,  FUNCTIONS
 AND  ACTIVITIES.  THE  SUBSIDIARY  CORPORATION OF THE AUTHORITY SHALL BE
 SUBJECT TO SUIT IN ACCORDANCE WITH SECTION  ONE  THOUSAND  SEVENTEEN  OF
 THIS  TITLE.  THE  EMPLOYEES  OF ANY SUCH SUBSIDIARY CORPORATION, EXCEPT
 THOSE WHO ARE ALSO EMPLOYEES OF  THE  AUTHORITY,  SHALL  NOT  BE  DEEMED
 EMPLOYEES OF THE AUTHORITY.
   §  2.  Subdivision  (a)  of section 1500 of the tax law, as amended by
 section 21 of part A of chapter 59 of the laws of 2014,  is  amended  to
 read as follows:
   (a)  The  term "insurance corporation" includes a corporation, associ-
 ation, joint stock company or association, person, society,  aggregation
 or  partnership,  by  whatever  name known, doing an insurance business,
 and, notwithstanding the provisions of section fifteen hundred twelve of
 this article, shall include (1) a risk retention  group  as  defined  in
 subsection  (n)  of section five thousand nine hundred two of the insur-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

S7087A (ACTIVE) - Details

See Assembly Version of this Bill:
A7987
Law Section:
Insurance Law
Laws Affected:
Amd §7002, Ins L; amd §1005, Pub Auth L; amd §§1500 & 1502-b, Tax L

S7087A (ACTIVE) - Summary

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

S7087A (ACTIVE) - Sponsor Memo

S7087A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7087--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2021
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations  --  committee  discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 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.

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

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