Bill Text: NY S04599 | 2015-2016 | General Assembly | Introduced

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Bill Title: Authorizes the superintendent of financial services to suspend crediting of underwriting earnings for a fiscal year for the purposes of accumulating a subscriber's operating reserve.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Vetoed) 2015-11-20 - VETOED MEMO.263 [S04599 Detail]

Download: New_York-2015-S04599-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4599                                                  A. 6663
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    March 30, 2015
                                      ___________
       IN SENATE -- Introduced by Sen. BRESLIN -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Insurance
       IN ASSEMBLY -- Introduced by M. of A. McDONALD -- read once and referred
         to the Committee on Insurance
       AN ACT to amend the insurance law, in relation to authorizing the super-
         intendent  of  financial services to suspend crediting of underwriting
         earnings for  a  fiscal  year  for  the  purposes  of  accumulating  a
         subscriber's operating reserve
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 3 of subsection a of section 6109 of  the  insur-
    2  ance  law,  as amended by chapter 138 of the laws of 1987, is amended to
    3  read as follows:
    4    (3) Notwithstanding the foregoing, the superintendent may, upon appli-
    5  cation from the attorney-in-fact, approve other methods for accumulating
    6  such subscriber's operating reserve, INCLUDING FOR MUNICIPAL  RECIPROCAL
    7  INSURERS,  THE  SUSPENSION  OF  CREDITING OF UNDERWRITING EARNINGS FOR A
    8  FISCAL YEAR SO LONG AS THOSE  SAME  AMOUNTS  ARE  RETURNED  DIRECTLY  TO
    9  MUNICIPAL  SUBSCRIBERS IN THE YEAR IMMEDIATELY FOLLOWING THE FISCAL YEAR
   10  FOR WHICH SAID  UNDERWRITING  EARNINGS  WERE  GENERATED  AND  FOR  WHICH
   11  SUSPENSION  OF  FUNDING  OF  THE OPERATING RESERVE WAS AUTHORIZED BY THE
   12  SUPERINTENDENT.
   13    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10161-01-5