Bill Text: NY A03214 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to immunity from civil liability and information furnished to or from the National Insurance Crime Bureau, which is dedicated to the investigation and prosecution of the banking law or the insurance law.

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Passed) 2019-12-16 - approval memo.47 [A03214 Detail]

Download: New_York-2019-A03214-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3214
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 28, 2019
                                       ___________
        Introduced  by  M.  of  A. COOK, WRIGHT -- read once and referred to the
          Committee on Banks
        AN ACT to amend the financial services law, in relation to immunity from
          civil liability for certain information relating to insurance or bank-
          ing violations
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  405  of the financial services law is amended to
     2  read as follows:
     3    § 405. Immunity. In the absence of  fraud  or  bad  faith,  no  person
     4  subject to the provisions of this chapter, the banking law or the insur-
     5  ance  law  shall  be  subject  to civil liability, and no civil cause of
     6  action of any nature shall arise against such person for any: (a) infor-
     7  mation relating to suspected violations of the banking law or the insur-
     8  ance law furnished  to  law  enforcement  officials,  their  agents  and
     9  employees; (b) information relating to suspected violations of the bank-
    10  ing  law  or the insurance law furnished to other persons subject to the
    11  provisions of this chapter; [and] (c) information furnished  in  reports
    12  to  the  financial  frauds  and  consumer protection unit, its agents or
    13  employees or any state agency investigating fraud or misconduct relating
    14  to financial  fraud,  its  agents  or  employees;  and  (d)  information
    15  furnished to or from a not-for-profit organization dedicated to investi-
    16  gation  and  enforcement  of  the banking law or the insurance law.  The
    17  superintendent or any employee of  the  financial  frauds  and  consumer
    18  protection  unit,  in  the  absence  of fraud or bad faith, shall not be
    19  subject to civil liability and no civil cause of action  of  any  nature
    20  shall arise against the superintendent or any such employee by virtue of
    21  the publication of any report or bulletin related to the official activ-
    22  ities  of  the  financial  frauds  and consumer protection unit. Nothing
    23  herein is intended to abrogate or modify in any way any common law priv-
    24  ilege or immunity heretofore enjoyed by any person.
    25    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08049-01-9