Assembly Bill A8627

Signed By Governor
2011-2012 Legislative Session

Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies

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Archive: Last Bill Status - Signed by Governor

  • 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

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Bill Amendments

co-Sponsors

multi-Sponsors

2011-A8627 - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§6603 & 6611, Ins L

2011-A8627 - Summary

Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.

2011-A8627 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8627

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                           September 21, 2011
                               ___________

Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance  law,  in  relation  to  incorporation  of
  co-operative  property/casualty insurance companies and the keeping of
  records by such companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subparagraphs (E) and (F) of paragraph 5 of subsection (a)
of section 6603 of the insurance law, subparagraph  (E)  as  amended  by
chapter 114 of the laws of 1988 and subparagraph (F) as added by chapter
137 of the laws of 1986, are amended to read as follows:
  (E)  The  number of its directors, which shall be not less than [nine]
SEVEN, and a provision that in no case shall the number of directors  be
less than [nine] SEVEN.
  (F)  The  times and manner of electing its directors and officers, the
manner of filling vacancies in such offices, and a provision that at all
times a majority of the directors shall be  citizens  and  residents  of
[this  state]  THE UNITED STATES and that [all shall be residents within
the territory in which the corporation is licensed to do  business]  NOT
LESS THAN ONE SHALL BE A RESIDENT OF THIS STATE.
  S 2. Subparagraph (C) of paragraph 4 of subsection (a) of section 6611
of  the  insurance  law, as added by chapter 137 of the laws of 1986, is
amended to read as follows:
  (C) All checks issued shall be signed either  by  [two  officers]  ONE
OFFICER  or  by  [one officer upon the written order of another officer,
except as otherwise] A NON-OFFICER IF provided FOR by resolution of  the
corporation's  board  of  directors  or  in its by-laws [for handling of
miscellaneous expenses].
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08796-02-1

co-Sponsors

multi-Sponsors

2011-A8627A - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§6603 & 6611, Ins L

2011-A8627A - Summary

Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.

2011-A8627A - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8627--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                           September 21, 2011
                               ___________

Introduced  by M. of A. GUNTHER, CALHOUN, HAWLEY, ROBERTS -- Multi-Spon-
  sored by -- M. of A. COOK, MAGEE, OAKS,  ROBINSON  --  read  once  and
  referred to the Committee on Insurance -- recommitted to the Committee
  on  Insurance  in accordance with Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the insurance  law,  in  relation  to  incorporation  of
  co-operative  property/casualty insurance companies and the keeping of
  records by such companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subparagraphs (E) and (F) of paragraph 5 of subsection (a)
of section 6603 of the insurance law, subparagraph  (E)  as  amended  by
chapter 114 of the laws of 1988 and subparagraph (F) as added by chapter
137 of the laws of 1986, are amended to read as follows:
  (E)  The  number of its directors, which shall be not less than [nine]
SEVEN, and a provision that in no case shall the number of directors  be
less than [nine] SEVEN.
  (F)  The  times and manner of electing its directors and officers, the
manner of filling vacancies in such offices, and a provision that at all
times a majority of the directors shall be  citizens  and  residents  of
this  state and that [all shall be residents] NOT LESS THAN ONE SHALL BE
A RESIDENT within the territory in which the corporation is licensed  to
do business.
  S 2. Subparagraph (C) of paragraph 4 of subsection (a) of section 6611
of  the  insurance  law, as added by chapter 137 of the laws of 1986, is
amended to read as follows:
  (C) All checks issued shall be signed [either by two officers  or]  by
one officer [upon the written order of another officer, except as other-
wise  provided  by resolution of the corporation's board of directors or
in its by-laws for handling of miscellaneous expenses].
  S 3. This act shall take effect immediately.

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

co-Sponsors

multi-Sponsors

2011-A8627B (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§6603 & 6611, Ins L

2011-A8627B (ACTIVE) - Summary

Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.

2011-A8627B (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8627--B

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                           September 21, 2011
                               ___________

Introduced  by M. of A. GUNTHER, CALHOUN, HAWLEY, ROBERTS -- Multi-Spon-
  sored by -- M.  of A. COOK, MAGEE, OAKS, ROBINSON  --  read  once  and
  referred to the Committee on Insurance -- recommitted to the Committee
  on  Insurance  in accordance with Assembly Rule 3, sec. 2 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee -- again reported from said  committee  with  amend-
  ments, ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  insurance  law, in relation to incorporation of
  co-operative property/casualty insurance companies and the keeping  of
  records by such companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraphs (E) and (F) of paragraph 5 of subsection  (a)
of  section  6603  of  the insurance law, subparagraph (E) as amended by
chapter 114 of the laws of 1988 and subparagraph (F) as added by chapter
137 of the laws of 1986, are amended to read as follows:
  (E) The number of its directors, which shall be not less  than  [nine]
SEVEN,  and a provision that in no case shall the number of directors be
less than [nine] SEVEN.
  (F) The times and manner of electing its directors and  officers,  the
manner of filling vacancies in such offices, and a provision that at all
times  a  majority  of  the directors shall be citizens and residents of
this state and that [all shall be residents] NOT LESS THAN ONE SHALL  BE
A  RESIDENT within the territory in which the corporation is licensed to
do business.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08796-05-2

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