STATE OF NEW YORK
________________________________________________________________________
4230
2013-2014 Regular Sessions
IN SENATE
March 15, 2013
___________
Introduced by Sen. DeFRANCISCO -- 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 the filing of whole-
sale fees by certain suppliers of service contracts with the super-
intendent of financial services
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (a) of section 7903 of the insurance law, as
2 amended by chapter 409 of the laws of 2012, is amended to read as
3 follows:
4 (a) Notwithstanding any other provision of this chapter to the contra-
5 ry, the marketing, sale, offering for sale, issuance, making, proposing
6 to make and administration of service contracts by any provider, admin-
7 istrator or other person, shall be exempt from all other provisions of
8 this chapter. A provider may, but is not required to, appoint an admin-
9 istrator or other designee to be responsible for any or all of the
10 administration of service contracts and compliance with this article.
11 Notwithstanding any other provision of this article, a provider of a
12 service contract, as defined in paragraphs two and three of subsection
13 (k) of section seven thousand nine hundred two of this article, shall,
14 at least thirty days prior to the effective date of an initial [provid-
15 er] wholesale fee, or a change in a [provider] wholesale fee, file the
16 amount of the [provider] wholesale fee with the superintendent and such
17 filing shall be open to public inspection; and provided further that the
18 [provider] wholesale fee shall not exceed the amount filed. The require-
19 ment to file the amount of the [provider] wholesale fee with the super-
20 intendent in this subsection shall not apply to fees set forth in any
21 agreement to which an authorized insurer is a party.
22 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09593-01-3
