Bill Text: NY A10292 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to filing a report on examination.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2016-06-16 - substituted by s7534a [A10292 Detail]

Download: New_York-2015-A10292-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                        10292--A
                   IN ASSEMBLY
                                      May 20, 2016
                                       ___________
        Introduced  by  M.  of A. CAHILL, STECK -- read once and referred to the
          Committee on Insurance -- committee discharged, bill amended,  ordered
          reprinted as amended and recommitted to said committee
        AN  ACT  to  amend  the insurance law, in relation to filing a report in
          examination
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  311  of  the insurance law is amended to read as
     2  follows:
     3    § 311. Filing of report on  examination.  (a)  Except  as  hereinafter
     4  provided the superintendent may withhold from public inspection for such
     5  time  as  he  deems  proper  any  report on examination made pursuant to
     6  section three hundred ten of this article.
     7    (b) (1) An examination shall be considered closed when the  report  on
     8  examination  is  adopted by the superintendent. Before adopting any such
     9  report and filing it for public  inspection,  the  superintendent  shall
    10  notify  the  insurer  or  other  person  examined of its contents [and],
    11  whether any fine will be imposed or any regulatory action will be  taken
    12  as  a result of the examination and the amount of any fine to be imposed
    13  or nature of any regulatory action to be taken. The superintendent shall
    14  also afford such insurer or other person  a  reasonable  opportunity  to
    15  obtain  further details and to demand a hearing with reference to facts,
    16  conclusions or recommendations [therein] contained in the report, or any
    17  fine to be imposed or regulatory action to taken  as  a  result  of  the
    18  examination.
    19    (2)  If  a  hearing  is  requested  within ten days after [the giving]
    20  receipt of [such] the notice required pursuant to paragraph one of  this
    21  subsection,  the  superintendent  shall  give  notice  and  a hearing in
    22  accordance with the provisions of this article. Such  hearing  shall  be
    23  held before the superintendent or a deputy superintendent.
    24    (c)  The  report  on  examination, with modifications thereof, if any,
    25  shall be [accepted] adopted by the superintendent and filed  for  public
    26  inspection  within  six months after written acceptance of the report by
    27  the insurer or other person examined, or the final hearing thereon  [and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15284-02-6
        A. 10292--A                         2

     1  if  he]. If the superintendent deems it in the public interest to do so,
     2  he or she may publish any such report or any excerpt therefrom or summa-
     3  ry thereof, in one or more newspapers in the state.
     4    (d)  In any action or proceeding in the name of the people against the
     5  insurer or other person examined, or any officer or agent thereof,  such
     6  report,   if   adopted  by  the  superintendent  and  filed  for  public
     7  inspection, shall be admissible in evidence  and  shall  be  presumptive
     8  evidence of the facts stated therein.
     9    (e)  No  fine  may be imposed on or regulatory action taken against an
    10  insurer as a result of an examination unless the amount of the  fine  or
    11  the nature of the regulatory action was disclosed in the notice required
    12  in paragraph one of subsection (b) of this section.
    13    (f)  Nothing  herein  contained shall preclude the superintendent from
    14  instituting any proceeding under article seventy-four of this chapter at
    15  any time or from using as proof in such proceeding any report  on  exam-
    16  ination or part thereof, whether or not such report has been adopted and
    17  filed.
    18    § 2. This act shall take effect immediately.