Bill Text: NY S03505 | 2019-2020 | General Assembly | Amended

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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: Bipartisan Bill

Status: (Passed) 2019-12-16 - approval memo.47 [S03505 Detail]

Download: New_York-2019-S03505-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3505--A
            Cal. No. 248
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 8, 2019
                                       ___________
        Introduced  by  Sens. BRESLIN, SEWARD -- read twice and ordered printed,
          and when printed to be committed to  the  Committee  on  Insurance  --
          reported  favorably  from  said committee, ordered to first and second
          report, ordered to a third reading,  amended  and  ordered  reprinted,
          retaining its place in the order of third reading
        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  the  National  Insurance  Crime  Bureau.  For  the
    16  purposes  of  this  section  the  National  Insurance  Crime Bureau is a
    17  nonprofit dedicated to investigation and enforcement of the banking  law
    18  or  the insurance law.  The superintendent or any employee of the finan-
    19  cial frauds and consumer protection unit, in the absence of fraud or bad
    20  faith, shall not be subject to civil liability and  no  civil  cause  of
    21  action  of any nature shall arise against the superintendent or any such
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08049-05-9
        S. 3505--A                          2
     1  employee by virtue of the publication of any report or bulletin  related
     2  to  the  official  activities  of  the  financial  frauds  and  consumer
     3  protection unit. Nothing herein is intended to abrogate or modify in any
     4  way  any  common  law  privilege  or  immunity heretofore enjoyed by any
     5  person.
     6    § 2. This act shall take effect immediately.