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Assembly Bill A2387A

2023-2024 Legislative Session

Allows domestic insurers to make certain records available by electronic means

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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Bill Amendments

2023-A2387 - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §325, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A8174
2025-2026: A3028

2023-A2387 - Summary

Allows domestic insurers to make certain records available by electronic means if they are easily accessible from the insurer's principal office in this state and the insurer complies with all applicable state and federal laws and regulations.

2023-A2387 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2387
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by M. of A. DILAN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law,  in  relation  to  allowing  domestic
   insurers to make certain records available by electronic means
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (a) of section 325  of  the  insurance  law,  as
 amended  by  chapter  196  of  the  laws  of 1987, is amended to read as
 follows:
   (a) Every domestic insurer and every licensed United States branch  of
 an alien insurer entered through this state shall, except as hereinafter
 provided,  keep  and  maintain at its principal office in this state, OR
 THROUGH ELECTRONIC MEANS THAT PROVIDES EQUIVALENT ACCESS TO  THE  SUPER-
 INTENDENT,  its  charter  and  by-laws  (in  the case of a United States
 branch a copy thereof) and its books of account, and if a domestic stock
 corporation a record containing the names and addresses  of  its  share-
 holders,  the number and class of shares held by each and the dates when
 they respectively became the owners of record thereof, and if a domestic
 corporation the minutes of any meetings of its shareholders, policyhold-
 ers, board of directors and committees thereof. If any such records  are
 kept  in  a  language  other  than English, they shall be accompanied by
 accurate translations thereof.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03237-01-3

co-Sponsors

2023-A2387A (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §325, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A8174
2025-2026: A3028

2023-A2387A (ACTIVE) - Summary

Allows domestic insurers to make certain records available by electronic means if they are easily accessible from the insurer's principal office in this state and the insurer complies with all applicable state and federal laws and regulations.

2023-A2387A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2387--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by M. of A. DILAN -- read once and referred to the Committee
   on Insurance -- recommitted to the Committee on Insurance  in  accord-
   ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee

 AN  ACT  to  amend  the  insurance law, in relation to allowing domestic
   insurers to make certain records available by electronic means
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subsection  (a)  of  section 325 of the insurance law, as
 amended by chapter 196 of the laws  of  1987,  is  amended  to  read  as
 follows:
   (a)  Every domestic insurer and every licensed United States branch of
 an alien insurer entered through this state shall, except as hereinafter
 provided, keep and maintain at its principal office in  this  state  its
 charter and by-laws (in the case of a United States branch a copy there-
 of)  and  its  books  of  account, and if a domestic stock corporation a
 record containing the names  and  addresses  of  its  shareholders,  the
 number  and class of shares held by each and the dates when they respec-
 tively became the owners of record thereof, and  if  a  domestic  corpo-
 ration  the  minutes of any meetings of its shareholders, policyholders,
 board of directors and committees thereof. If any such records are  kept
 in  a language other than English, they shall be accompanied by accurate
 translations thereof.  AN INSURER MAY SATISFY THE REQUIREMENTS  OF  THIS
 SUBSECTION  BY  STORING  THE AFOREMENTIONED BOOKS AND RECORDS ON SERVERS
 THAT ARE ACCESSIBLE THROUGH THE INTERNET, ON AN INTERNAL  SERVER  HOSTED
 BY THE INSURER OR ONE OF ITS AFFILIATES, OR EXTERNALLY WITH A THIRD-PAR-
 TY  SERVICE  PROVIDER  IF  THEY ARE EASILY ACCESSIBLE FROM THE INSURER'S
 PRINCIPAL OFFICE IN THIS STATE AND THE INSURER COMPLIES WITH ALL  APPLI-
 CABLE STATE AND FEDERAL LAWS AND REGULATIONS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03237-04-4

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