Bill Text: NY S02874 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 2874 (Prior Session Legislation)

Bill Title: Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-05-30 - SUBSTITUTED BY A8627B [S02874 Detail]

Download: New_York-2011-S02874-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2874
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 2, 2011
                                      ___________
       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  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]  THE UNITED STATES and that [all shall be residents within
   12  the territory in which the corporation is licensed to do  business]  NOT
   13  LESS THAN ONE SHALL BE A RESIDENT OF THIS STATE.
   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]  ONE
   18  OFFICER  or  by  [one officer upon the written order of another officer,
   19  except as otherwise] A NON-OFFICER IF provided FOR by resolution of  the
   20  corporation's  board  of  directors  or  in its by-laws [for handling of
   21  miscellaneous expenses].
   22    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08796-02-1