Senate Bill S2582

2011-2012 Legislative Session

Creates the natural disaster reinsurance fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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

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2011-S2582 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 80 ยงยง8001 - 8006, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S1017

2011-S2582 (ACTIVE) - Summary

Creates the natural disaster reinsurance fund financed through voluntary participation by insurers in the state to provide additional protection in the case of catastrophic events; exempts any amounts deposited into the fund from taxation by the state, county, municipality or local taxing authority; prohibits participating insurers from increasing any premiums based upon payments to such fund.

2011-S2582 (ACTIVE) - Sponsor Memo

2011-S2582 (ACTIVE) - Bill Text download pdf

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

                                  2582

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 26, 2011
                               ___________

Introduced  by  Sen.  KRUGER -- 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  creating  a  state
  natural disaster reinsurance fund

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

  Section 1. The insurance law is amended by adding a new article 80  to
read as follows:
                                ARTICLE 80
                    NATURAL DISASTER REINSURANCE FUND
SECTION 8001. PURPOSE.
        8002. DEFINITIONS.
        8003. NATURAL DISASTER REINSURANCE FUND.
        8004. OPERATION OF THE FUND.
        8005. TAXATION.
        8006. PROHIBITIONS.
  S  8001. PURPOSE. THE PURPOSE OF THIS ARTICLE IS TO CREATE THE NATURAL
DISASTER REINSURANCE FUND TO BE FINANCED THROUGH VOLUNTARY PARTICIPATION
BY INSURERS. THE FUND WILL PROVIDE SUBSCRIBING COMPANIES WITH A POOL  OF
AVAILABLE  FUNDS  TO BE ACCESSED WHEN A CATASTROPHIC EVENT RAISES CLAIMS
ABOVE A GIVEN LEVEL AND WILL THUS REDUCE  THE  POTENTIAL  FOR  INSURANCE
COMPANY  INSOLVENCIES  DUE  TO  NATURAL DISASTERS AND OTHER CATASTROPHIC
EVENTS.
  S 8002. DEFINITIONS. AS USED IN THIS ARTICLE THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS:
  (A) "NATURAL DISASTER" OR "CATASTROPHIC  EVENT"  SHALL  MEAN  A  MAJOR
HURRICANE,  TORNADO,  EARTHQUAKE,  TIDAL  WAVE, MAJOR FLOOD OR ANY OTHER
EVENT DECLARED A DISASTER BY THE GOVERNOR.
  (B) "FUND" SHALL MEAN THE NATURAL DISASTER REINSURANCE FUND CREATED BY
THIS ARTICLE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06791-01-1

              

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