Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance returned to senate died in assembly |
Mar 30, 2023 |
referred to insurance delivered to assembly passed senate |
Mar 16, 2023 |
advanced to third reading |
Mar 15, 2023 |
2nd report cal. |
Mar 13, 2023 |
1st report cal.478 |
Feb 01, 2023 |
referred to insurance |
Senate Bill S3592
2023-2024 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Current Bill Status - In Senate Committee Insurance 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
2023-S3592 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A900
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §6502, Ins L
- Versions Introduced in 2021-2022 Legislative Session:
-
A9629
2023-S3592 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3592REVISED 3/21/23 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to mortgage guaranty insurance PURPOSE: To give the Superintendent of the NYS Department of Financial Services (DFS) the flexibility to allow mortgage guaranty insurance companies to make early withdrawals from their statutorily-mandated contingency reserve accounts if the Superintendent determines that such withdrawal would not be harmful to policyholders. 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 Superintendent of the Department of Financial Services the ability to allow mortgage guaranty insurance companies to make early
2023-S3592 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3592 2023-2024 Regular Sessions I N S E N A T E February 1, 2023 ___________ 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 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. LBD02506-04-3
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