- Summary
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- Committee Votes
- Floor Votes
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S03592 Summary:
| BILL NO | S03592 |
| SAME AS | SAME AS A00900-A |
| SPONSOR | BRESLIN |
| COSPNSR | |
| MLTSPNSR | |
| Amd §6502, Ins L | |
| Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders. | |
S03592 Actions:
| BILL NO | S03592 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 02/01/2023 | REFERRED TO INSURANCE | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/13/2023 | 1ST REPORT CAL.478 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/15/2023 | 2ND REPORT CAL. | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/16/2023 | ADVANCED TO THIRD READING | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/30/2023 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/30/2023 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
| 03/30/2023 | referred to insurance | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/03/2024 | died in assembly | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/03/2024 | returned to senate | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/03/2024 | REFERRED TO INSURANCE | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/20/2024 | 1ST REPORT CAL.1252 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/21/2024 | 2ND REPORT CAL. | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/22/2024 | ADVANCED TO THIRD READING | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/29/2024 | PASSED SENATE | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/29/2024 | DELIVERED TO ASSEMBLY | |||||||||||||||||||||||||||||||||||||||||||||||||
| 05/29/2024 | referred to insurance | |||||||||||||||||||||||||||||||||||||||||||||||||
S03592 Committee Votes:
Go to topS03592 Floor Votes:
There are no votes for this bill in this legislative session.
Go to topS03592 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 3592 2023-2024 Regular Sessions IN SENATE February 1, 2023 ___________ 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 mortgage guaranty insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 2 of subsection (a) of section 6502 of the insur- 2 ance law is amended to read as follows: 3 (2) it establishes a contingency reserve out of net premiums (gross 4 premiums less premiums returned to policyholders) remaining after estab- 5 lishing the unearned premium reserve. The company shall contribute to 6 the contingency reserve an amount equal to fifty percent of such remain- 7 ing earned premiums. Contributions to the contingency reserve made 8 during each calendar year shall be maintained for a period of one 9 hundred and twenty months, except that withdrawals may be made by the 10 company with the prior approval of the superintendent in any year in 11 which the actual incurred losses exceed thirty-five percent of the 12 corresponding earned premiums or as otherwise may be permitted by the 13 superintendent if after due consideration the superintendent determines 14 the withdrawal shall not be harmful to policyholders. The unearned 15 premium reserve shall be computed as required by section one thousand 16 three hundred five of this chapter except that on policies covering a 17 risk period of more than one year it shall be computed in accordance 18 with standards promulgated by the superintendent; and 19 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02506-04-3