Bill Text: NY A08627 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8627--A
                              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
       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. Subparagraph (C) of paragraph 4 of subsection (a) of section 6611
   15  of  the  insurance  law, as added by chapter 137 of the laws of 1986, is
   16  amended to read as follows:
   17    (C) All checks issued shall be signed [either by two officers  or]  by
   18  one officer [upon the written order of another officer, except as other-
   19  wise  provided  by resolution of the corporation's board of directors or
   20  in its by-laws for handling of miscellaneous expenses].
   21    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08796-04-2