Bill Text: NY S05761 | 2021-2022 | General Assembly | Introduced

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Bill Title: Removes certain bonding requirements for independent insurance adjusters.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-05-25 - SUBSTITUTED BY A3994 [S05761 Detail]

Download: New_York-2021-S05761-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5761

                               2021-2022 Regular Sessions

                    IN SENATE

                                     March 18, 2021
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to removing  the  bonding
          requirement for independent adjusters

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

     1    Section 1. Paragraph 1 of subsection (l) of section 2108 of the insur-
     2  ance law is amended to read as follows:
     3    (1) No adjuster's license or renewal license, other than an  independ-
     4  ent  adjuster's  license,  shall be issued to any applicant unless there
     5  shall be on file with the superintendent of financial services  a  bond,
     6  executed  by such [the] applicant and by approved sureties, in the penal
     7  sum of one thousand dollars conditioned on the faithful  performance  by
     8  such  licensee  and by all sub-licensees named in such license, of their
     9  duties as such adjusters.
    10    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01931-01-1