New York Assembly Bill 6781 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on March 20 2019 - 25% progression, died in committee
Action: 2020-01-08 - referred to insurance
Pending: Assembly Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) the annual or quarterly financial statements of the company, which show that the company's admitted assets do not exceed its liabilities and surplus to policyholders if the company does not maintain reserves in an amount determined reasonable by its independent loss reserve specialist or its appointed actuary.

Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) the annual or quarterly financial statements of the company, which show that the company's admitted assets do not exceed its liabilities and surplus to policyholders if the company does not maintain reserves in an amount determined reasonable by its independent loss reserve specialist or its appointed actuary.

Asm. Nick Perry [D]

Asm. Diane Richardson [D]

Date	Chamber	Action
2020-01-08	Assembly	referred to insurance
2019-03-20	Assembly	referred to insurance

S05327 (Same As) 2020-01-08 - REFERRED TO INSURANCE

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/A6781
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=A06781&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A06781