Bill Text: NY S02367 | 2015-2016 | General Assembly | Amended


Bill Title: Enacts the "insurance modernization act of 2016" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to allowing advance premium cooperative investment in certificates of deposit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2016-01-11 - PRINT NUMBER 2367B [S02367 Detail]

Download: New_York-2015-S02367-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                         2367--B
                               2015-2016 Regular Sessions
                    IN SENATE
                                    January 22, 2015
                                       ___________
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Insurance  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to  said  committee  --  recommitted  to the Committee on Insurance in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the insurance law, in relation to enacting  the  "insur-
          ance modernization act of 2016"
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. This act shall be known, and may be cited as,  the  "insur-
     2  ance modernization act of 2016."
     3    §  2.  The  legislature  finds  and  declares that there is a need for
     4  modernizing two discrete provisions of the insurance  law  in  order  to
     5  streamline  the  conduct  of  the business of insurance in New York. The
     6  "insurance modernization act of 2016" would permit all forms  of  signa-
     7  tures  for  continuing  insurance  education  course providers and allow
     8  advance premium cooperative investment in certificates of deposit.
     9    § 3. Paragraph 3 of subsection (i) of section 2132  of  the  insurance
    10  law,  as added by chapter 656 of the laws of 1992, is amended to read as
    11  follows:
    12    (3) The completed applications shall be returned in a  timely  manner,
    13  as specified by the superintendent, provided that any signature require-
    14  ments  shall  be  deemed satisfied if the signatures comply with section
    15  forty-six of the general construction law, with a non-refundable  filing
    16  fee  of  two hundred dollars per organization, fifty dollars per course,
    17  program and seminar, and fifty dollars per instructor.
    18    § 4.  Subsection (c) of section 6623 of the insurance law, as added by
    19  chapter 431 of the laws of 2000, is amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06933-04-6
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