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 |
Senate Bill S7087A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status Via A7987 - 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
Bill Amendments
2021-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
2021-S7087 - Sponsor Memo
BILL NUMBER: S7087 SPONSOR: PARKER TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to authorize the Power Authority of the State of New York to create a pure captive insurance company under New York law to manage risk, and provide related tax exemptions that apply to the Metropolitan Transportation Authority ("MTA") and New York City ("NYC"). SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill would amend Insurance Law ("IL") § 7002(e) to authorize NYPA and any statutory subsidiary (collectively, "NYPA") to
2021-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.
2021-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
2021-S7087A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7087A SPONSOR: PARKER TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to authorize the Power Authority of the State of New York to create a pure captive insurance company under New York law to manage risk, and provide related tax exemptions that apply to the Metropolitan Transportation Authority ("MTA") and New York City ("NYC"). SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill would amend Insurance Law ("IL") § 7002(e) to authorize NYPA and any statutory subsidiary (collectively, "NYPA") to
2021-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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