Bill Text: NY S07514 | 2011-2012 | General Assembly | Amended
Bill Title: Exempts medical malpractice insurance companies from provisions of law relating to the risk based financial standards applying to all property casualty insurance companies until December 31, 2016; extends certain prohibitions on requests for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-10-03 - SIGNED CHAP.489 [S07514 Detail]
Download: New_York-2011-S07514-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7514--A I N S E N A T E May 30, 2012 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to an exemption to certain provisions of law relating to risk-based capital for property/casualty insurance companies; and to repeal section 1325 of the insurance law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Section 1325 of the insurance law is REPEALED and a new 2 section 1325 is added to read as follows: 3 S 1325. EXEMPTION. FOR THE PURPOSES OF EXEMPTING CERTAIN INSURANCE 4 COMPANIES FROM THE PROVISIONS OF SECTION ONE THOUSAND THREE HUNDRED 5 TWENTY-FOUR OF THIS ARTICLE, THE SUPERINTENDENT SHALL EXEMPT, THROUGH 6 DECEMBER THIRTY-FIRST, TWO THOUSAND SIXTEEN, THOSE STOCK AND NON-STOCK 7 INSURANCE COMPANIES TO WHICH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF 8 SUBSECTION (B) OF SUCH SECTION APPLIES. 9 S 2. Subsection (c) of section 2343 of the insurance law, as separate- 10 ly amended by section 19 of part C and section 106-a of part H of chap- 11 ter 59 of the laws of 2011, is amended to read as follows: 12 (c) Notwithstanding any other provision of this chapter, no applica- 13 tion for an order of rehabilitation or liquidation of a domestic insurer 14 whose primary liability arises from the business of medical malpractice 15 insurance, as that term is defined in subsection (b) of section five 16 thousand five hundred one of this chapter, shall be made on the grounds 17 specified in subsection (a) or (c) of section seven thousand four 18 hundred two of this chapter at any time prior to [June thirtieth] DECEM- 19 BER THIRTY-FIRST, two thousand [fourteen] SIXTEEN. 20 S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15992-02-2