Bill Text: NY A02603 | 2015-2016 | General Assembly | Introduced

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Bill Title: Directs state insurance fund to offer title insurance and authorizes superintendent of insurance to implement such program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to labor [A02603 Detail]

Download: New_York-2015-A02603-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2603
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 20, 2015
                                      ___________
       Introduced by M. of A. WEPRIN -- read once and referred to the Committee
         on Labor
       AN  ACT to amend the workers' compensation law, in relation to directing
         the state insurance fund to offer title insurance or  certificates  of
         clear title
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 76 of the workers' compensation law is  amended  by
    2  adding a new subdivision 6 to read as follows:
    3    6.  THE  PURPOSES  OF THE STATE INSURANCE FUND CREATED IN THIS SECTION
    4  ARE HEREBY ENLARGED TO PERMIT IT TO FURNISH TITLE INSURANCE POLICIES, AS
    5  DEFINED IN SUBSECTION (B) OF SECTION SIX THOUSAND FOUR  HUNDRED  ONE  OF
    6  THE  INSURANCE  LAW, AND/OR CERTIFICATES OF CLEAR TITLE. A SEPARATE FUND
    7  IS HEREBY CREATED WITHIN THE STATE INSURANCE FUND, WHICH SHALL BE  KNOWN
    8  AS  THE  "TITLE INSURANCE FUND", AND WHICH SHALL CONSIST OF ALL PREMIUMS
    9  RECEIVED AND PAID INTO SAID FUND ON ACCOUNT OF SUCH INSURANCE, ALL SECU-
   10  RITIES ACQUIRED BY AND THROUGH THE USE OF MONEYS BELONGING TO SAID  FUND
   11  AND  OF INTEREST EARNED UPON MONEYS BELONGING TO SAID FUND AND DEPOSITED
   12  OR INVESTED AS HEREIN PROVIDED.  SAID  TITLE  INSURANCE  FUND  SHALL  BE
   13  APPLICABLE TO THE PAYMENTS, EXPENSES AND ASSESSMENTS ON ACCOUNT OF TITLE
   14  INSURANCE  POLICIES WRITTEN PURSUANT TO THE RULES AND REGULATIONS ESTAB-
   15  LISHED BY THE SUPERINTENDENT OF FINANCIAL SERVICES.
   16    S 2. The superintendent of financial services is hereby:
   17    1. directed to create, within the insurance department, a title insur-
   18  ance bureau which shall implement the  title  insurance  program  estab-
   19  lished by this act; and
   20    2.  authorized  to prescribe, amend and withdraw rules and regulations
   21  implementing the provisions of subdivision 6 of section 76 of the  work-
   22  ers' compensation law, as added by section one of this act.
   23    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07310-01-5