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

New York Senate Bill 2367 (Prior Session Legislation)

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

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-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2367
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 22, 2015
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Insurance
       AN ACT to amend the insurance law, in relation to enacting  the  "insur-
         ance modernization act of 2015"
         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 2015."
    3    S  2.  The  legislature  finds  and  declares that there is a need for
    4  modernizing three 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 2015" would permit all forms  of  signa-
    7  tures  for continuing insurance education course providers, expand immu-
    8  nity protection for companies reporting certain fire  losses  and  allow
    9  advance premium cooperative investment in certificates of deposit.
   10    S  3.  Paragraph  3 of subsection (i) of section 2132 of the insurance
   11  law, as added by chapter 656 of the laws of 1992, is amended to read  as
   12  follows:
   13    (3)  The  completed applications shall be returned in a timely manner,
   14  as specified by the superintendent, PROVIDED THAT ANY SIGNATURE REQUIRE-
   15  MENTS SHALL BE DEEMED SATISFIED IF THE SIGNATURES  COMPLY  WITH  SECTION
   16  FORTY-SIX  OF THE GENERAL CONSTRUCTION LAW, with a non-refundable filing
   17  fee of two hundred dollars per organization, fifty dollars  per  course,
   18  program and seminar, and fifty dollars per instructor.
   19    S 4.  Subsection (c) of section 6623 of the insurance law, as added by
   20  chapter 431 of the laws of 2000, is amended to read as follows:
   21    (c)  Notwithstanding  the limitation of investments in certificates of
   22  deposit set forth in subsection (a) of section one thousand four hundred
   23  nine  of  this  chapter,  [an  assessment  corporation]  A  CO-OPERATIVE
   24  PROPERTY/CASUALTY INSURANCE COMPANY may invest in certificates of depos-
   25  it  of any one institution in an amount not to exceed the amount guaran-
   26  teed by the Federal Deposit Insurance Corporation.
   27    S 5. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06933-02-5