senate Bill S4354

2023-2024 Legislative Session

Authorizes an examination of records maintained by the excess line broker by the excess line association; extends the expiration thereof

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
Mar 21, 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.479
Feb 07, 2023 referred to insurance

S4354 (ACTIVE) - Details

See Assembly Version of this Bill:
A4984
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §5, Chap 630 of 1988; amd §2130, Ins L

S4354 (ACTIVE) - Summary

Authorizes an examination of records maintained by the excess line broker by the excess line association; extends the expiration thereof.

S4354 (ACTIVE) - Sponsor Memo

S4354 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4354
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 7, 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  the  examination  of
   records  maintained by the excess line association; and to amend chap-
   ter 630 of the laws of 1988, amending the insurance  law  relating  to
   establishing  an  excess  line  advisory  organization, in relation to
   extending the effectiveness thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 5 of chapter 630 of the laws of 1988, amending the
 insurance law relating to establishing an excess line advisory organiza-
 tion, as amended by chapter 488 of the laws of 2018, is amended to  read
 as follows:
   §  5. This act shall take effect January 1, 1989 and shall cease to be
 of any force or effect after July 1, [2024] 2029.
   § 2. Paragraph 1 of subsection (a) of section 2130  of  the  insurance
 law,  as added by chapter 630 of the laws of 1988, is amended to read as
 follows:
   (1) receive and record  all  excess  line  insurance  documents  which
 excess  line  brokers  are  required  to file with the association under
 section two thousand one hundred eighteen of this article.  ALL  RECORDS
 WHICH  AN  EXCESS  LINE BROKER IS REQUIRED TO MAINTAIN UNDER SECTION TWO
 THOUSAND ONE HUNDRED EIGHTEEN OF THIS ARTICLE ARE SUBJECT TO EXAMINATION
 BY THE EXCESS LINE ASSOCIATION;
   § 3. Paragraph 11 of subsection (a) of section 2130 of  the  insurance
 law,  as  added by chapter 630 of the laws of 1988, is amended and a new
 paragraph 12 is added to read as follows:
   (11) provide such other services to its members as are  incidental  or
 related to the purposes of the association[.]; AND
   (12)  UTILIZE  THE  AUTHORITY  GRANTED  TO UNINCORPORATED ASSOCIATIONS
 UNDER SECTION TWELVE OF THE GENERAL ASSOCIATIONS LAW.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08963-01-3

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