NY S05327 | 2019-2020 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on April 25 2019 - 25% progression, died in committee
Action: 2020-01-08 - REFERRED TO INSURANCE
Pending: Senate Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Summary

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.

Tracking Information

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Title

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.

Sponsors


History

DateChamberAction
2020-01-08SenateREFERRED TO INSURANCE
2019-04-25SenateREFERRED TO INSURANCE

Same As/Similar To

A06781 (Same As) 2020-01-08 - referred to insurance

New York State Sources


Bill Comments

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