Senate Bill S7704

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

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-S7704 (ACTIVE) - Details

See Assembly Version of this Bill:
A8712
Law Section:
Insurance Law
Laws Affected:
Amd §6109, Ins L (as proposed in S.4112 & A.3466)

2021-S7704 (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-S7704 (ACTIVE) - Sponsor Memo

2021-S7704 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7704
 
                             I N  S E N A T E
 
                              January 7, 2022
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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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