Bill Text: NY S03665 | 2011-2012 | General Assembly | Introduced
Bill Title: Permits unauthorized foreign or alien insurers to contact nonresident persons, firms, associations or corporations to make insurance contracts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2012-06-12 - referred to insurance [S03665 Detail]
Download: New_York-2011-S03665-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
3665
2011-2012 Regular Sessions
I N S E N A T E
March 1, 2011
___________
Introduced by Sen. BRESLIN -- 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 permitting unauthor-
ized foreign or alien insurers to contact nonresident persons, firms,
associations or corporations to make insurance contracts
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subsection (b) of section 1101 of the insurance law is
2 amended by adding a new paragraph 7 to read as follows:
3 (7) NOTWITHSTANDING THE FOREGOING, A PERSON, AS DEFINED IN SECTION ONE
4 THOUSAND FIVE HUNDRED ONE OF THIS CHAPTER, ON BEHALF OF AN UNAUTHORIZED
5 FOREIGN OR ALIEN INSURER DULY LICENSED TO TRANSACT THE BUSINESS OF
6 INSURANCE BY THE LAWS OF ITS DOMICILE MAY, FROM WITHIN THIS STATE,
7 CONTACT ANY PERSON, FIRM, ASSOCIATION OR CORPORATION NOT A RESIDENT OF
8 THIS STATE FOR THE PURPOSE OF PROPOSING TO MAKE ANY INSURANCE CONTRACT
9 OR TO SOLICIT APPLICATIONS OR PERFORM SERVICES FOR ANY SUCH POLICIES OR
10 CONTRACTS WITH RESPECT TO PERSONS OR RISKS NOT RESIDENT OR LOCATED IN
11 THIS STATE, PROVIDED THAT SUCH PERSON IS IN THE SAME HOLDING COMPANY
12 SYSTEM WITH A DOMESTIC INSURER AND THE AFOREMENTIONED UNAUTHORIZED
13 FOREIGN OR ALIEN INSURER. SUCH ACTIVITIES SHALL NOT BE DEEMED UNDER THIS
14 CHAPTER AS DOING AN INSURANCE BUSINESS IN THIS STATE AND SUCH PERSON MAY
15 MAINTAIN AN OFFICE IN THIS STATE UNDER ITS OWN NAME, AND EMPLOY PERSONS
16 WITHIN THIS STATE, IN FURTHERANCE OF SUCH ACTIVITIES. FOR THE PURPOSES
17 OF THIS SECTION, PERMITTED SERVICES INCLUDE, BUT ARE NOT LIMITED TO,
18 UNDERWRITING, NEGOTIATING CONTRACT TERMS, QUOTING PREMIUMS, COLLECTING
19 OF PREMIUMS, AND CLAIMS HANDLING.
20 S 2. Section 2117 of the insurance law is amended by adding a new
21 subsection (j) to read as follows:
22 (J) NOTWITHSTANDING ANYTHING IN THIS CHAPTER, A PERSON, AS DEFINED IN
23 SECTION ONE THOUSAND FIVE HUNDRED ONE OF THIS CHAPTER, ON BEHALF OF AN
24 UNAUTHORIZED FOREIGN OR ALIEN INSURER DULY LICENSED TO TRANSACT THE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09628-01-1
S. 3665 2
1 BUSINESS OF INSURANCE BY THE LAWS OF ITS DOMICILE MAY, FROM WITHIN THIS
2 STATE, CONTACT ANY PERSON, FIRM, ASSOCIATION OR CORPORATION NOT A RESI-
3 DENT OF THIS STATE FOR THE PURPOSE OF PROPOSING TO MAKE ANY INSURANCE
4 CONTRACT OR TO SOLICIT APPLICATIONS OR PERFORM SERVICES FOR ANY SUCH
5 POLICIES OR CONTRACTS WITH RESPECT TO PERSONS OR RISKS NOT RESIDENT OR
6 LOCATED IN THIS STATE, PROVIDED THAT SUCH PERSON IS IN THE SAME HOLDING
7 COMPANY SYSTEM WITH A DOMESTIC INSURER AND THE AFOREMENTIONED UNAUTHOR-
8 IZED FOREIGN OR ALIEN INSURER. SUCH ACTIVITIES SHALL NOT BE DEEMED UNDER
9 THIS CHAPTER AS DOING AN INSURANCE BUSINESS IN THIS STATE AND SUCH
10 PERSON MAY MAINTAIN AN OFFICE IN THIS STATE UNDER ITS OWN NAME, AND
11 EMPLOY PERSONS WITHIN THIS STATE, IN FURTHERANCE OF SUCH ACTIVITIES. FOR
12 THE PURPOSES OF THIS SECTION, PERMITTED SERVICES INCLUDE, BUT ARE NOT
13 LIMITED TO, UNDERWRITING, NEGOTIATING CONTRACT TERMS, QUOTING PREMIUMS,
14 COLLECTING OF PREMIUMS, AND CLAIMS HANDLING.
15 S 3. This act shall take effect immediately.
