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A08627 Summary:

A08627 Actions:

A08627 Floor Votes:

A08627 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8627--B
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                   September 21, 2011
                                       ___________
 
        Introduced  by M. of A. GUNTHER, CALHOUN, HAWLEY, ROBERTS -- Multi-Spon-
          sored by -- M.  of A. COOK, MAGEE, OAKS, ROBINSON  --  read  once  and
          referred to the Committee on Insurance -- recommitted to the Committee
          on  Insurance  in accordance with Assembly Rule 3, sec. 2 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted

          to said committee -- again reported from said  committee  with  amend-
          ments, ordered reprinted as amended and recommitted to said committee
 
        AN  ACT  to  amend  the  insurance  law, in relation to incorporation of
          co-operative property/casualty insurance companies and the keeping  of
          records by such companies
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subparagraphs (E) and (F) of paragraph 5 of subsection  (a)
     2  of  section  6603  of  the insurance law, subparagraph (E) as amended by
     3  chapter 114 of the laws of 1988 and subparagraph (F) as added by chapter
     4  137 of the laws of 1986, are amended to read as follows:
     5    (E) The number of its directors, which shall be not less  than  [nine]

     6  seven,  and a provision that in no case shall the number of directors be
     7  less than [nine] seven.
     8    (F) The times and manner of electing its directors and  officers,  the
     9  manner of filling vacancies in such offices, and a provision that at all
    10  times  a  majority  of  the directors shall be citizens and residents of
    11  this state and that [all shall be residents] not less than one shall  be
    12  a  resident within the territory in which the corporation is licensed to
    13  do business.
    14    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08796-05-2