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