New York Senate Bill 5327 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on April 25 2019 - 25% progression, died in committee
Action: 2020-01-08 - 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: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) 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: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) 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. Todd Kaminsky [D]

Sen. Kevin Parker [D]

Date	Chamber	Action
2020-01-08	Senate	REFERRED TO INSURANCE
2019-04-25	Senate	REFERRED TO INSURANCE

A06781 (Same As) 2020-01-08 - referred to insurance

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/S5327
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S05327&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S05327