Bill Text: NY S04012 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 4012 (Prior Session Legislation)

Introduced

Bill Title: Authorizes and directs the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-03-04 - REFERRED TO INSURANCE [S04012 Detail]

Download: New_York-2013-S04012-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4012
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     March 4, 2013
                                      ___________
       Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Insurance
       AN ACT in relation to authorizing and directing  the  superintendent  of
         financial  services to conduct a study concerning the potential effect
         of a disaster on the insurance industry of this state
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any other provision of law, the superinten-
    2  dent  of financial services, in consultation with the office of homeland
    3  security, is hereby authorized and directed to prepare or  cause  to  be
    4  prepared  a study to examine, evaluate and make recommendations concern-
    5  ing the potential effect of a disaster,  catastrophic  event,  state  of
    6  emergency  or  any  other event of major destructive consequences on the
    7  insurance industry of this state. Such study shall include the effect of
    8  both natural and man-made disasters within its scope. Natural  disasters
    9  to  be studied shall include, but not be limited to, disasters occurring
   10  from rain, sleet, ice, snow, wind or  extreme  heat  or  cold.  Man-made
   11  disasters  to  be  studied shall include, but not be limited to, acts of
   12  terrorism, acts of war, strikes or mass riots. Such  study  shall  focus
   13  primarily  on  the preparedness and ability of the insurance industry to
   14  function in the event of such a disaster and what procedures and  proto-
   15  cols  may  be  implemented to improve such functionality, as well as any
   16  other issues the superintendent of financial services deems relevant.
   17    S 2. The superintendent of financial  services  shall  report  to  the
   18  governor  and  the  legislature  the  findings  of the study required by
   19  section one of this act along with his  or  her  recommendations  on  or
   20  before January 1, 2014.
   21    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05550-01-3