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A06069 Summary:

BILL NOA06069
 
SAME ASNo Same As
 
SPONSORWeprin
 
COSPNSR
 
MLTSPNSR
 
Amd §76, Work Comp L
 
Directs the state insurance fund to offer title insurance; authorizes the superintendent of financial services to implement such program.
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A06069 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6069
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      April 3, 2023
                                       ___________
 
        Introduced by M. of A. WEPRIN -- read once and referred to the Committee
          on Labor
 
        AN  ACT to amend the workers' compensation law, in relation to directing
          the state insurance fund to offer title insurance or  certificates  of
          clear title
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 76 of the workers' compensation law is  amended  by
     2  adding a new subdivision 6 to read as follows:
     3    6.  The  purposes  of the state insurance fund created in this section
     4  are hereby enlarged to permit it to furnish title insurance policies, as
     5  defined in subsection (b) of section six thousand four  hundred  one  of
     6  the  insurance  law, and/or certificates of clear title. A separate fund
     7  is hereby created within the state insurance fund, which shall be  known
     8  as  the  "title insurance fund", and which shall consist of all premiums
     9  received and paid into said fund on account of such insurance, all secu-
    10  rities acquired by and through the use of moneys belonging to said  fund
    11  and  of interest earned upon moneys belonging to said fund and deposited
    12  or invested as herein provided.  Said  title  insurance  fund  shall  be
    13  applicable to the payments, expenses and assessments on account of title
    14  insurance  policies written pursuant to the rules and regulations estab-
    15  lished by the superintendent of financial services.
    16    § 2. The superintendent of financial services is hereby:
    17    1. directed to create, within the insurance department, a title insur-
    18  ance bureau which shall implement the  title  insurance  program  estab-
    19  lished by this act; and
    20    2.  authorized  to prescribe, amend and withdraw rules and regulations
    21  implementing the provisions of subdivision 6 of section 76 of the  work-
    22  ers' compensation law, as added by section one of this act.
    23    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09901-01-3
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