New York Senate Bill 1495 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: Introduced on January 12 2023 - 25% progression, died in committee
Action: 2024-01-03 - REFERRED TO INSURANCE
Pending: Senate Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on: the superintendent's adoption of a report on examination finding the company insolvent; or the annual or quarterly financial statements of the company, which show that the company's admitted assets do not exceed its liabilities and surplus to policyholders if the company does not maintain reserves in an amount determined reasonable by its independent loss reserve specialist or its appointed actuary.

Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on: the superintendent's adoption of a report on examination finding the company insolvent; or the annual or quarterly financial statements of the company, which show that the company's admitted assets do not exceed its liabilities and surplus to policyholders if the company does not maintain reserves in an amount determined reasonable by its independent loss reserve specialist or its appointed actuary.

Sen. Leroy Comrie [D]	Sen. Andrew Lanza [R]	Sen. Zellnor Myrie [D]	Sen. Anthony Palumbo [R]
Sen. Kevin Parker [D]	Sen. Toby Stavisky [D]

Date	Chamber	Action
2024-01-03	Senate	REFERRED TO INSURANCE
2023-01-12	Senate	REFERRED TO INSURANCE

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2023/S1495
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S01495&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01495