Bill Text: NY S07704 | 2021-2022 | General Assembly | Introduced


Bill Title: Authorizes the return of any operating reserve balances of members of a municipal insurance reciprocal upon the municipal reciprocal insurer's demonstration that it will retain sufficient surplus to support its obligations and writings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-03-18 - SIGNED CHAP.148 [S07704 Detail]

Download: New_York-2021-S07704-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          7704

                    IN SENATE

                                     January 7, 2022
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the insurance law, in relation to authorizing the return
          of any operating reserve balances of members of a municipal  insurance
          reciprocal

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1.   Subparagraph (C) of paragraph  3  of  subsection  (a)  of
     2  section  6109  of the insurance law, as amended by a chapter of the laws
     3  of 2021 amending the insurance law relating to  authorizing  the  super-
     4  intendent  of  financial services to authorize the return of subscribing
     5  member operating reserve balances to members of  a  municipal  insurance
     6  reciprocal,  as  proposed  in  legislative  bills numbers S. 4112 and A.
     7  3466, is amended to read as follows:
     8    (C) in the case of  a  municipal  reciprocal  insurer,  authorize  the
     9  return  of any outstanding subscriber operating reserve balance upon the
    10  municipal reciprocal insurer's demonstration that it will retain  suffi-
    11  cient surplus to support its obligations and writings.
    12    §  2.  This  act  shall  take  effect on the same date and in the same
    13  manner as a chapter of the laws  of  2021  amending  the  insurance  law
    14  relating  to  authorizing  the  superintendent  of financial services to
    15  authorize the return of subscribing member operating reserve balances to
    16  members of a municipal insurance reciprocal, as proposed in  legislative
    17  bills numbers S. 4112 and A. 3466, takes effect.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01939-02-2
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