Bill Text: NY A06620 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to assessments to defray operating expenses of the department of financial services.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2019-03-14 - referred to insurance [A06620 Detail]

Download: New_York-2019-A06620-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6620
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     March 14, 2019
                                       ___________
        Introduced  by  M.  of  A.  BARCLAY, BLANKENBUSH, FINCH -- read once and
          referred to the Committee on Insurance
        AN ACT to amend the financial services law, in relation  to  assessments
          to defray operating expenses of the department of financial services
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1.  Subsection (a) of section 206 of  the  financial  services
     2  law, is amended to read as follows:
     3    (a) For each fiscal year commencing on or after April first, two thou-
     4  sand  [twelve]  nineteen,  assessments  to  defray  operating  expenses,
     5  including all direct [and indirect] costs,  of  the  department,  except
     6  expenses  incurred in the liquidation of banking organizations, shall be
     7  assessed by the  superintendent  in  accordance  with  this  subsection.
     8  Persons  regulated  under  the  insurance  law  shall be assessed by the
     9  superintendent for the operating expenses of  the  department  that  are
    10  solely attributable to regulating persons under the insurance law, which
    11  shall  include  any  expenses  that  were  permissible to be assessed in
    12  fiscal year two thousand nine-two thousand  ten,  with  the  assessments
    13  allocated  pro  rata  upon all domestic insurers and all licensed United
    14  States branches of alien insurers domiciled in  this  state  within  the
    15  meaning  of  paragraph  four of subsection (b) of section seven thousand
    16  four hundred eight of the insurance law,  in  proportion  to  the  gross
    17  direct premiums and other considerations, written or received by them in
    18  this  state  during the calendar year ending December thirty-first imme-
    19  diately preceding the end of the fiscal year for which the assessment is
    20  made (less return premiums and considerations thereon) for  policies  or
    21  contracts of insurance covering property or risks resident or located in
    22  this  state  the  issuance  of  which  policies  or contracts requires a
    23  license from the superintendent. Persons regulated under the banking law
    24  shall be assessed by the superintendent for the  operating  expenses  of
    25  the  department that are solely attributable to regulating persons under
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02436-01-9

        A. 6620                             2
     1  the banking law in such proportions as  the  superintendent  shall  deem
     2  just and reasonable. Operating expenses of the department not covered by
     3  the  assessments set forth above shall be assessed by the superintendent
     4  in such proportions as the superintendent shall deem just and reasonable
     5  upon  all  domestic  insurers and all licensed United States branches of
     6  alien insurers domiciled in this state within the meaning  of  paragraph
     7  four  of  subsection (b) of section seven thousand four hundred eight of
     8  the insurance law, and upon any regulated person under the banking  law,
     9  other  than  mortgage  loan originators, except as otherwise provided by
    10  sections one hundred fifty-one and two hundred twenty-eight of the work-
    11  ers' compensation law and by section sixty of the  volunteer  firefight-
    12  ers'  benefit law. The provisions of this subsection shall not be appli-
    13  cable to a bank holding company, as that  term  is  defined  in  article
    14  three-A of the banking law. Persons regulated under the banking law will
    15  not  be  assessed  for expenses that the superintendent deems to benefit
    16  solely persons regulated under the insurance law, and persons  regulated
    17  under  the  insurance  law  will  not  be assessed for expenses that the
    18  superintendent deems to benefit solely persons regulated under the bank-
    19  ing law.
    20    § 2. This act shall take effect on the first of January next  succeed-
    21  ing the date on which it shall have become a law.
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