senate Bill S9006

2021-2022 Legislative Session

Relates to group capital calculations, liquidity stress tests and confidentiality

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2022 referred to insurance
delivered to assembly
passed senate
May 11, 2022 advanced to third reading
May 10, 2022 2nd report cal.
May 09, 2022 1st report cal.1090
May 03, 2022 referred to insurance

S9006 (ACTIVE) - Details

See Assembly Version of this Bill:
A10226
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd Ins L, generally

S9006 (ACTIVE) - Summary

Relates to group capital calculations, liquidity stress tests and confidentiality; authorizes the promulgation of regulations and the payment of certain expenses.

S9006 (ACTIVE) - Sponsor Memo

S9006 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9006
 
                             I N  S E N A T E
 
                                May 3, 2022
                                ___________
 
 Introduced by Sen. BRESLIN -- (at request of the Department of Financial
   Services)  --  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 group  capital  calcu-
   lations, liquidity stress tests, and confidentiality
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraphs 1 and 2 of subsection (a) of section 110 of the
 insurance law, as amended by chapter  238  of  the  laws  of  2013,  are
 amended to read as follows:
   (1)  may  share  documents,  materials or other information, including
 confidential [and], privileged, AND TRADE SECRET documents, materials or
 information with other LOCAL, state, federal, and international  regula-
 tory agencies, with the National Association of Insurance Commissioners,
 its  affiliates  or  subsidiaries, [and] WITH ANY THIRD-PARTY CONSULTANT
 DESIGNATED BY THE SUPERINTENDENT, with LOCAL, state, federal, and inter-
 national law enforcement authorities, including members of any  supervi-
 sory college described in section three hundred two of this chapter, AND
 WITH  ANY OTHER ENTITY DESIGNATED BY THE SUPERINTENDENT IN A REGULATION,
 provided that the recipient has the authority and agrees to maintain the
 confidentiality and privileged status of the document, material or other
 information;  provided,  however,  that  this  paragraph  shall  not  be
 construed  as  limiting access to records pursuant to article six of the
 public officers law;
   (2) may receive documents, materials or information, including  other-
 wise confidential [and], privileged, AND TRADE SECRET documents, materi-
 als  or  information, from the National Association of Insurance Commis-
 sioners, its affiliates or subsidiaries [and], from regulatory  and  law
 enforcement  officials  of  other  foreign  or  domestic  jurisdictions,
 including members of any supervisory college described in section  three
 hundred two of this chapter, AND FROM ANY OTHER ENTITY DESIGNATED BY THE
 SUPERINTENDENT  IN  A  REGULATION, and shall maintain as confidential or
 privileged any document, material or information received with notice or
 the understanding that it is confidential or privileged under  the  laws
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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