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Assembly Bill A900A

2023-2024 Legislative Session

Relates to mortgage guaranty insurance

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2023-A900 - Details

See Senate Version of this Bill:
S3592
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6502, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9629
2025-2026: A4254, S5311

2023-A900 - Summary

Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.

2023-A900 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    900
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee 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.
                                                            LBD02506-01-3

co-Sponsors

2023-A900A (ACTIVE) - Details

See Senate Version of this Bill:
S3592
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6502, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9629
2025-2026: A4254, S5311

2023-A900A (ACTIVE) - Summary

Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.

2023-A900A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  900--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee  on  Insurance  --  committee  discharged,  bill  amended, ordered
   reprinted as amended and recommitted to said committee
 
 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 MAY BE PERMITTED BY THE
 SUPERINTENDENT IF AFTER DUE CONSIDERATION THE SUPERINTENDENT  DETERMINES
 THE  WITHDRAWAL  SHALL  NOT  BE HARMFUL TO POLICYHOLDERS.   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.
                                                            LBD02506-02-3

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