Bill Text: NY A10432 | 2011-2012 | General Assembly | Introduced

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Bill Title: Exempts medical malpractice insurance companies from provisions of law relating to the risk based financial standards applying to all property casualty insurance companies until December 31, 2016; extends certain prohibitions on requests for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-18 - substituted by s7514a [A10432 Detail]

Download: New_York-2011-A10432-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10432
                                 I N  A S S E M B L Y
                                     May 29, 2012
                                      ___________
       Introduced by M. of A. LAVINE -- read once and referred to the Committee
         on Insurance
       AN  ACT  to  amend  the  insurance  law,  in relation to an exemption to
         certain  provisions  of  law  relating  to  risk-based   capital   for
         property/casualty  insurance  companies; and to repeal section 1325 of
         the insurance law relating thereto
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  1325  of the insurance law is REPEALED and a new
    2  section 1325 is added to read as follows:
    3    S 1325. EXEMPTION. FOR THE PURPOSES  OF  EXEMPTING  CERTAIN  INSURANCE
    4  COMPANIES  FROM  THE  PROVISIONS  OF  SECTION ONE THOUSAND THREE HUNDRED
    5  TWENTY-FOUR OF THIS ARTICLE, THE SUPERINTENDENT  SHALL  EXEMPT,  THROUGH
    6  DECEMBER  THIRTY-FIRST,  TWO THOUSAND SIXTEEN, THOSE STOCK AND NON-STOCK
    7  INSURANCE COMPANIES TO  WHICH  SUBPARAGRAPH  (B)  OF  PARAGRAPH  TWO  OF
    8  SUBSECTION (B) OF SUCH SECTION APPLIES.
    9    S 2. Subsection (c) of section 2343 of the insurance law, as separate-
   10  ly  amended by section 19 of part C and section 106-a of part H of chap-
   11  ter 59 of the laws of 2011, is amended to read as follows:
   12    (c) Notwithstanding any other provision of this chapter,  no  applica-
   13  tion for an order of rehabilitation or liquidation of a domestic insurer
   14  whose  primary liability arises from the business of medical malpractice
   15  insurance, as that term is defined in subsection  (b)  of  section  five
   16  thousand  five hundred one of this chapter, shall be made on the grounds
   17  specified in subsection (a)  or  (c)  of  section  seven  thousand  four
   18  hundred two of this chapter at any time prior to [June thirtieth] DECEM-
   19  BER THIRTY-FIRST, two thousand [fourteen] SIXTEEN.
   20    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15996-01-2