Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 17, 2022 |
referred to insurance delivered to assembly passed senate |
Apr 27, 2022 |
advanced to third reading |
Apr 26, 2022 |
2nd report cal. |
Apr 25, 2022 |
1st report cal.769 |
Feb 23, 2022 |
referred to insurance |
Senate Bill S8404
2021-2022 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
2021-S8404 (ACTIVE) - Details
2021-S8404 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8404 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to mortgage guaranty insurance PURPOSE: To give the Commissioner of the NYS Department of Financial Services (DFS) the authority to adjust contingency reserve requirements for mort- gage guaranty insurers as appropriate. SUMMARY OF PROVISIONS: This bill would add language to the section of the Insurance Law govern- ing contingency reserve requirements for mortgage guaranty insurers to provide the Commissioner of the Department of Financial Services the ability to adjust such reserve requirements on a case-by-case basis as appropriate.
2021-S8404 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8404 I N S E N A T E February 23, 2022 ___________ 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 mortgage guaranty insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subsection (a) of section 6502 of the insur- ance law is amended to read as follows: (2) it establishes a contingency reserve out of net premiums (gross premiums less premiums returned to policyholders) remaining after estab- lishing the unearned premium reserve. The company shall contribute to the contingency reserve an amount equal to fifty percent of such remain- ing earned premiums. Contributions to the contingency reserve made during each calendar year shall be maintained for a period of one hundred and twenty months, except that withdrawals may be made by the company with the prior approval of the superintendent in any year in which the actual incurred losses exceed thirty-five percent of the corresponding earned premiums OR AS OTHERWISE PERMITTED BY THE SUPER- INTENDENT. The unearned premium reserve shall be computed as required by section one thousand three hundred five of this chapter except that on policies covering a risk period of more than one year it shall be computed in accordance with standards promulgated by the superintendent; and § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14750-01-2
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