Bill Text: NY A03466 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the superintendent of financial services to authorize the return of subscribing member operating reserve balances to members of a municipal insurance reciprocal.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2021-05-24 - substituted by s4112 [A03466 Detail]

Download: New_York-2021-A03466-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3466

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2021
                                       ___________

        Introduced  by  M.  of  A.  McDONALD,  GALEF,  DICKENS  -- read once and
          referred to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to authorizing the super-
          intendent of financial services to authorize the return of subscribing
          member operating reserve balances to members of a municipal  insurance
          reciprocal

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 3 of subsection (a) of section 6109 of the insur-
     2  ance law, as amended by chapter 433 of the laws of 2016, is  amended  to
     3  read as follows:
     4    (3) Notwithstanding the foregoing, the superintendent may, upon appli-
     5  cation from the attorney-in-fact:
     6    (A) approve other methods for accumulating such subscriber's operating
     7  reserve; or
     8    (B) permit the suspension of the accumulation of the operating reserve
     9  for  a  fiscal  year  provided  that  those earnings are returned to the
    10  subscriber in accordance with  subparagraph  (B)  of  paragraph  two  of
    11  subsection (c) of this section; or
    12    (C)  in  the  case  of  a  municipal reciprocal insurer, authorize the
    13  return of any outstanding subscriber operating reserve balance.
    14    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01939-01-1