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S04112 Summary:

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S04112 Committee Votes:

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S04112 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4112
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    February 2, 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 authorizing the super-
          intendent of financial services to authorize the return of subscribing
          member operating reserve balances to members of a municipal  insurance
          reciprocal
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 3 of subsection (a) of section 6109 of the insur-
     2  ance law, as amended by chapter 433 of the laws of 2016, is  amended  to
     3  read as follows:
     4    (3) Notwithstanding the foregoing, the superintendent may, upon appli-
     5  cation from the attorney-in-fact:
     6    (A) approve other methods for accumulating such subscriber's operating
     7  reserve; or
     8    (B) permit the suspension of the accumulation of the operating reserve
     9  for  a  fiscal  year  provided  that  those earnings are returned to the
    10  subscriber in accordance with  subparagraph  (B)  of  paragraph  two  of
    11  subsection (c) of this section; or
    12    (C)  in  the  case  of  a  municipal reciprocal insurer, authorize the
    13  return of any outstanding subscriber operating reserve balance.
    14    § 2. This act shall take effect immediately.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01939-01-1