Enacts the "insurance modernization act of 2014" which relates to permitting all forms of signatures for continuing insurance education course providers; relates to expanding immunity protection for companies reporting certain fire losses; relates to allowing advance premium cooperative investment in certificates of deposit.
STATE OF NEW YORK
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6526--A
Cal. No. 241
IN SENATE
February 3, 2014
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Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- reported
favorably from said committee, ordered to first and second report,
ordered to a third reading, amended and ordered reprinted, retaining
its place in the order of third reading
AN ACT to amend the insurance law, in relation to enacting the "insur-
ance modernization act of 2014"
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. This act shall be known, and may be cited as, the "insur-
2 ance modernization act of 2014."
3 § 2. The legislature finds and declares that there is a need for
4 modernizing three discrete provisions of the insurance law in order to
5 streamline the conduct of the business of insurance in New York. The
6 "insurance modernization act of 2014" would permit all forms of signa-
7 tures for continuing insurance education course providers, expand immu-
8 nity protection for companies reporting certain fire losses and allow
9 advance premium cooperative investment in certificates of deposit.
10 § 3. Paragraph 3 of subsection (i) of section 2132 of the insurance
11 law, as added by chapter 656 of the laws of 1992, is amended to read as
12 follows:
13 (3) The completed applications shall be returned in a timely manner,
14 as specified by the superintendent, provided that any signature require-
15 ments shall be deemed satisfied if the signatures comply with section
16 forty-six of the general construction law, with a non-refundable filing
17 fee of two hundred dollars per organization, fifty dollars per course,
18 program and seminar, and fifty dollars per instructor.
19 § 4. Paragraph 6 of subsection (b) of section 3432 of the insurance
20 law, as added by chapter 778 of the laws of 1986, is amended to read as
21 follows:
22 (6) information required by the insurer or provided by the insurer in
23 the absence of fraud or bad faith to a local fire investigation agency
24 [pursuant to section three thousand four hundred fifteen of this arti-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13788-02-4
S. 6526--A 2
1 cle] of a "municipal corporation" as defined in section two of the
2 general municipal law.
3 § 5. Subsection (c) of section 6623 of the insurance law, as added by
4 chapter 431 of the laws of 2000, is amended to read as follows:
5 (c) Notwithstanding the limitation of investments in certificates of
6 deposit set forth in subsection (a) of section one thousand four hundred
7 nine of this chapter, [an assessment corporation] a co-operative
8 property/casualty insurance company may invest in certificates of depos-
9 it of any one institution in an amount not to exceed the amount guaran-
10 teed by the Federal Deposit Insurance Corporation.
11 § 6. This act shall take effect immediately.
