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S04354 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4354--A
            Cal. No. 479
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    February 7, 2023
                                       ___________
 
        Introduced  by  Sen. BRESLIN -- 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, passed by  Senate  and  delivered  to  the
          Assembly,  recalled,  vote  reconsidered,  restored  to third reading,
          amended and ordered reprinted, retaining its place  in  the  order  of
          third reading
 
        AN  ACT  to  amend  the insurance law, in relation to the examination of
          records maintained by the excess line association; and to amend  chap-
          ter  630  of  the laws of 1988, amending the insurance law relating to
          establishing an excess line  advisory  organization,  in  relation  to
          extending the effectiveness thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 5 of chapter 630 of the laws of 1988, amending  the
     2  insurance law relating to establishing an excess line advisory organiza-
     3  tion,  as amended by chapter 488 of the laws of 2018, is amended to read
     4  as follows:
     5    § 5. This act shall take effect January 1, 1989 and shall cease to  be
     6  of any force or effect after July 1, [2024] 2029.
     7    §  2.  Paragraph  1 of subsection (a) of section 2130 of the insurance
     8  law, as added by chapter 630 of the laws of 1988, is amended to read  as
     9  follows:
    10    (1)  receive  and  record  all  excess  line insurance documents which
    11  excess line brokers are required to  file  with  the  association  under
    12  section  two  thousand one hundred eighteen of this article. All records
    13  which an excess line broker is required to maintain  under  section  two
    14  thousand  one hundred eighteen of this article shall be open to examina-
    15  tion by the excess line association;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08963-02-3

        S. 4354--A                          2
 
     1    § 3. Paragraph 11 of subsection (a) of section 2130 of  the  insurance
     2  law,  as  added by chapter 630 of the laws of 1988, is amended and a new
     3  paragraph 12 is added to read as follows:
     4    (11)  provide  such other services to its members as are incidental or
     5  related to the purposes of the association[.]; and
     6    (12) utilize the  authority  granted  to  unincorporated  associations
     7  under section twelve of the general associations law.
     8    §  4.  This  act shall take effect immediately; provided, however that
     9  the amendments to section 2130 of the insurance law made by sections two
    10  and three of this act shall not affect the expiration  of  such  section
    11  and shall be deemed to expire therewith.
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