Bill Text: NY A08627 | 2011-2012 | General Assembly | Amended
Bill Title: Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Passed) 2012-07-18 - signed chap.126 [A08627 Detail]
Download: New_York-2011-A08627-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 8627--B 2011-2012 Regular Sessions I N A S S E M B L Y September 21, 2011 ___________ Introduced by M. of A. GUNTHER, CALHOUN, HAWLEY, ROBERTS -- Multi-Spon- sored by -- M. of A. COOK, MAGEE, OAKS, ROBINSON -- read once and referred to the Committee on Insurance -- recommitted to the Committee on Insurance in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amend- ments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to incorporation of co-operative property/casualty insurance companies and the keeping of records by such companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subparagraphs (E) and (F) of paragraph 5 of subsection (a) 2 of section 6603 of the insurance law, subparagraph (E) as amended by 3 chapter 114 of the laws of 1988 and subparagraph (F) as added by chapter 4 137 of the laws of 1986, are amended to read as follows: 5 (E) The number of its directors, which shall be not less than [nine] 6 SEVEN, and a provision that in no case shall the number of directors be 7 less than [nine] SEVEN. 8 (F) The times and manner of electing its directors and officers, the 9 manner of filling vacancies in such offices, and a provision that at all 10 times a majority of the directors shall be citizens and residents of 11 this state and that [all shall be residents] NOT LESS THAN ONE SHALL BE 12 A RESIDENT within the territory in which the corporation is licensed to 13 do business. 14 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08796-05-2