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S07514 Summary:

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S07514 Floor Votes:

S07514 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7514--A
 
                    IN SENATE
 
                                      May 30, 2012
                                       ___________
 
        Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Insurance  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
 
        AN  ACT  to  amend  the  insurance  law,  in relation to an exemption to
          certain  provisions  of  law  relating  to  risk-based   capital   for

          property/casualty  insurance  companies; and to repeal section 1325 of
          the insurance law relating thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  1325  of the insurance law is REPEALED and a new
     2  section 1325 is added to read as follows:
     3    § 1325. Exemption. For the purposes  of  exempting  certain  insurance
     4  companies  from  the  provisions  of  section one thousand three hundred
     5  twenty-four of this article, the superintendent  shall  exempt,  through
     6  December  thirty-first,  two thousand sixteen, those stock and non-stock
     7  insurance companies to  which  subparagraph  (B)  of  paragraph  two  of
     8  subsection (b) of such section applies.

     9    § 2. Subsection (c) of section 2343 of the insurance law, as separate-
    10  ly  amended by section 19 of part C and section 106-a of part H of chap-
    11  ter 59 of the laws of 2011, is amended to read as follows:
    12    (c) Notwithstanding any other provision of this chapter,  no  applica-
    13  tion for an order of rehabilitation or liquidation of a domestic insurer
    14  whose  primary liability arises from the business of medical malpractice
    15  insurance, as that term is defined in subsection  (b)  of  section  five
    16  thousand  five hundred one of this chapter, shall be made on the grounds
    17  specified in subsection (a)  or  (c)  of  section  seven  thousand  four
    18  hundred two of this chapter at any time prior to [June thirtieth] Decem-
    19  ber thirty-first, two thousand [fourteen] sixteen.
    20    § 3. This act shall take effect immediately.
 
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15992-02-2