Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to insurance |
Jun 29, 2009 |
print number 9014a |
Jun 29, 2009 |
amend and recommit to insurance |
Jun 19, 2009 |
referred to insurance |
Assembly Bill A9014
2009-2010 Legislative Session
Sponsored By
CARROZZA
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2009-A9014 - Details
2009-A9014 - Sponsor Memo
BILL NUMBER:A9014 TITLE OF BILL: 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 in relation to the finan- cial regulation of medical malpractice liability insurance companies; and to repeal certain provisions of such law relating thereto SUMMARY OF PROVISIONS: Section 1: Amends Insurance Law section 1301 to allow medical malpractice insurance to apply the value of surcharges or assessments to admitted asset calculations without having to collect such surcharges or assessments, except on a schedule and subject to limitations already provided for in law. Section 2: Amends Insurance Law section 1311 to provide for the inclu- sion of admitted assets allowed under this legislation into the calcu- lation of required surplus. Section 3: Amends Insurance Law section 1325 to permanently exempt medical malpractice insurance companies from the provisions of law relating to the risk based financial standards applying to all property casualty insurance companies pursuant to section 1324 of the insurance law; and directs the superintendent of insurance to develop a new finan- cial standards framework for medical malpractice insurers operating in the state that are primarily single-state and mono-line carriers. The new standards are to be created by June 2011 and put into effect in
2009-A9014 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9014 2009-2010 Regular Sessions I N A S S E M B L Y June 19, 2009 ___________ Introduced by M. of A. CARROZZA -- read once and referred to the Commit- tee on Insurance 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 in relation to the finan- cial regulation of medical malpractice liability insurance companies; and to repeal certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 1301 of the insurance law is amended by adding two new paragraphs 19 and 20 to read as follows: (19) FOR THOSE STOCK AND NON-STOCK COMPANIES TO WHICH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF SUBSECTION (B) OF SECTION ONE THOUSAND THREE HUNDRED TWENTY-FOUR OF THIS ARTICLE APPLY, THE AMOUNT OF THE SURCHARGE ON PREMI- UMS TO SATISFY A PROJECTED DEFICIENCY THAT IS ATTRIBUTABLE TO THE PREMI- UM LEVELS ESTABLISHED PURSUANT TO SECTION FORTY OF CHAPTER TWO HUNDRED SIXTY-SIX OF THE LAWS OF NINETEEN HUNDRED EIGHTY-SIX, AS SUCH SURCHARGE IS PROVIDED IN SUCH CHAPTER, WHETHER OR NOT SUCH SURCHARGE IS ACTUALLY IMPOSED BY THE SUPERINTENDENT; PROVIDED, HOWEVER, THAT SUCH SURCHARGES, IF IMPOSED, WILL BE SUBJECT TO THE LIMITATIONS PROVIDED FOR IN THIS CHAPTER RELATING TO THE AMOUNTS TO BE COLLECTED IN A GIVEN POLICY YEAR. (20) FOR RECIPROCAL INSURERS ORGANIZED AND LICENSED PURSUANT TO ARTI- CLE SIXTY-ONE OF THIS CHAPTER TO WRITE MEDICAL MALPRACTICE INSURANCE AS THAT TERM IS DEFINED IN SUBSECTION (B) OF SECTION FIVE THOUSAND FIVE HUNDRED ONE OF THIS CHAPTER, THE AMOUNT OF ANY ASSESSMENT AUTHORIZED BY SUBSECTIONS (A) AND (B) OF SECTION SIX THOUSAND ONE HUNDRED EIGHT OF THIS CHAPTER; PROVIDED, HOWEVER, THAT SUCH ASSESSMENTS, IF IMPOSED, WILL BE SUBJECT TO THE LIMITATIONS PROVIDED FOR IN THIS CHAPTER RELATING TO THE AMOUNTS TO BE COLLECTED IN A GIVEN POLICY YEAR. S 2. Section 1311 of the insurance law is amended by adding a new subsection (e) to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11667-05-9
2009-A9014A (ACTIVE) - Details
2009-A9014A (ACTIVE) - Sponsor Memo
BILL NUMBER:A9014A TITLE OF BILL: 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 in relation to the finan- cial regulation of medical malpractice liability insurance companies; and to repeal certain provisions of such law relating thereto SUMMARY OF PROVISIONS: Section 1: Amends Insurance Law section 1301 to allow medical malpractice insurance to apply the value of surcharges or assessments to admitted asset calculations without having to collect such surcharges or assessments, except on a schedule and subject to limitations already provided for in law. Section 2.: Amends Insurance Law section 1311 to provide for the inclu- sion of admitted assets allowed under this legislation into the calcu- lation of required surplus. Section 3: Amends Insurance Law section 1325 to permanently exempt medical malpractice insurance companies from the provisions of law relating to the risk based financial standards applying to all property casualty insurance companies pursuant to section 1324 of the insurance law. It also directs the superintendent of insurance to develop a new financial standards framework for medical malpractice insurers operating in the state. The new standards are to be created by June 2011 and put into effect in January 2012. The new financial standards to be developed
2009-A9014A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9014--A 2009-2010 Regular Sessions I N A S S E M B L Y June 19, 2009 ___________ Introduced by M. of A. CARROZZA -- read once and referred to the Commit- tee 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 in relation to the finan- cial regulation of medical malpractice liability insurance companies; and to repeal certain provisions of such law relating thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 1301 of the insurance law is amended by adding two new paragraphs 19 and 20 to read as follows: (19) FOR THOSE STOCK AND NON-STOCK COMPANIES TO WHICH SUBPARAGRAPH (B) OF PARAGRAPH TWO OF SUBSECTION (B) OF SECTION ONE THOUSAND THREE HUNDRED TWENTY-FOUR OF THIS ARTICLE APPLY, THE AMOUNT OF THE SURCHARGE ON PREMI- UMS TO SATISFY A PROJECTED DEFICIENCY THAT IS ATTRIBUTABLE TO THE PREMI- UM LEVELS ESTABLISHED PURSUANT TO SECTION FORTY OF CHAPTER TWO HUNDRED SIXTY-SIX OF THE LAWS OF NINETEEN HUNDRED EIGHTY-SIX, AS SUCH SURCHARGE IS PROVIDED IN SUCH CHAPTER, WHETHER OR NOT SUCH SURCHARGE IS ACTUALLY IMPOSED BY THE SUPERINTENDENT; PROVIDED, HOWEVER, THAT SUCH SURCHARGES, IF IMPOSED, WILL BE SUBJECT TO THE LIMITATIONS PROVIDED FOR IN THIS CHAPTER RELATING TO THE AMOUNTS TO BE COLLECTED IN A GIVEN POLICY YEAR. (20) FOR RECIPROCAL INSURERS ORGANIZED AND LICENSED PURSUANT TO ARTI- CLE SIXTY-ONE OF THIS CHAPTER TO WRITE MEDICAL MALPRACTICE INSURANCE AS THAT TERM IS DEFINED IN SUBSECTION (B) OF SECTION FIVE THOUSAND FIVE HUNDRED ONE OF THIS CHAPTER, THE AMOUNT OF ANY ASSESSMENT AUTHORIZED BY SUBSECTIONS (A) AND (B) OF SECTION SIX THOUSAND ONE HUNDRED EIGHT OF THIS CHAPTER; PROVIDED, HOWEVER, THAT SUCH ASSESSMENTS, IF IMPOSED, WILL BE SUBJECT TO THE LIMITATIONS PROVIDED FOR IN THIS CHAPTER RELATING TO THE AMOUNTS TO BE COLLECTED IN A GIVEN POLICY YEAR. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11667-07-9
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