Bill Text: NY A10820 | 2019-2020 | General Assembly | Introduced


Bill Title: Authorizes the superintendent of financial services to authorize the return of subscribing member operating reserve balances to members of a municipal insurance reciprocal.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-07-15 - referred to insurance [A10820 Detail]

Download: New_York-2019-A10820-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          10820

                   IN ASSEMBLY

                                      July 15, 2020
                                       ___________

        Introduced by COMMITTEE ON RULES -- (at request of M. of A. McDonald) --
          read once and referred to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to authorizing the super-
          intendent of financial services to authorize the return of subscribing
          member  operating reserve balances to members of a municipal insurance
          reciprocal

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 3 of subsection (a) of section 6109 of the insur-
     2  ance  law,  as amended by chapter 433 of the laws of 2016, is amended to
     3  read as follows:
     4    (3) Notwithstanding the foregoing, the superintendent may, upon appli-
     5  cation from the attorney-in-fact:
     6    (A) approve other methods for accumulating such subscriber's operating
     7  reserve; or
     8    (B) permit the suspension of the accumulation of the operating reserve
     9  for a fiscal year provided that  those  earnings  are  returned  to  the
    10  subscriber  in  accordance  with  subparagraph  (B)  of paragraph two of
    11  subsection (c) of this section; or
    12    (C) in the case of  a  municipal  reciprocal  insurer,  authorize  the
    13  return of any outstanding subscriber operating reserve balance.
    14    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16889-01-0
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