Senate Bill S7514

Signed By Governor
2011-2012 Legislative Session

Relates to an exemption to certain provisions of law relating to risk-based capital for property/casualty insurance companies; repealer

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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

2011-S7514 - Details

Law Section:
Insurance Law
Laws Affected:
Rpld & add §1325, amd § §2343 sub§ (c), Ins L

2011-S7514 - Summary

Exempts medical malpractice insurance companies from provisions of law relating to the risk based financial standards applying to all property casualty insurance companies until December 31, 2016; extends certain prohibitions on requests for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.

2011-S7514 - Sponsor Memo

2011-S7514 - Bill Text download pdf 

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

                                  7514

                            I N  S E N A T E

                              May 30, 2012
                               ___________

Introduced  by  Sen. MARTINS -- 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  an  exemption  to
  certain   provisions   of  law  relating  to  risk-based  capital  for
  property/casualty  insurance  companies;   and   to   repeal   certain
  provisions of the insurance law relating thereto

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

  Section 1. Section 1325 of the insurance law is  REPEALED  and  a  new
section 1325 is added to read as follows:
  S  1325. EXEMPTION. FOR EXEMPTING CERTAIN INSURANCE COMPANIES FROM THE
PROVISIONS OF SECTION ONE THOUSAND THREE  HUNDRED  TWENTY-FOUR  OF  THIS
ARTICLE,  THE SUPERINTENDENT SHALL EXEMPT THROUGH DECEMBER THIRTY-FIRST,
TWO THOUSAND SIXTEEN THOSE STOCK AND NON-STOCK  INSURANCE  COMPANIES  TO
WHICH  SUBPARAGRAPH  (B)  OF  PARAGRAPH  TWO  OF  SUBSECTION (B) OF SUCH
SECTION APPLIES.
  S 2. Subsection (c) of section 2343 of the insurance law  is  REPEALED
and a new subsection (c) is added to read as follows:
  (C)  NOTWITHSTANDING  ANY OTHER PROVISION OF THIS CHAPTER, NO APPLICA-
TION FOR AN ORDER OF REHABILITATION OR LIQUIDATION OF A DOMESTIC INSURER
WHOSE PRIMARY LIABILITY ARISES FROM THE BUSINESS OF MEDICAL  MALPRACTICE
INSURANCE,  AS  THAT  TERM  IS DEFINED IN SUBSECTION (B) OF SECTION FIVE
THOUSAND FIVE HUNDRED ONE OF THIS CHAPTER, SHALL BE MADE ON THE  GROUNDS
SPECIFIED  IN  SUBSECTION  (A)  OR  (C)  OF  SECTION SEVEN THOUSAND FOUR
HUNDRED TWO OF THIS CHAPTER AT ANY TIME PRIOR TO DECEMBER  THIRTY-FIRST,
TWO THOUSAND SIXTEEN.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15992-01-2

2011-S7514A (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Rpld & add §1325, amd § §2343 sub§ (c), Ins L

2011-S7514A (ACTIVE) - Summary

Exempts medical malpractice insurance companies from provisions of law relating to the risk based financial standards applying to all property casualty insurance companies until December 31, 2016; extends certain prohibitions on requests for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.

2011-S7514A (ACTIVE) - Sponsor Memo

2011-S7514A (ACTIVE) - Bill Text download pdf 

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

                                 7514--A

                            I N  S E N A T E

                              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:

  Section  1.  Section  1325  of the insurance law is REPEALED and a new
section 1325 is added to read as follows:
  S 1325. EXEMPTION. FOR THE PURPOSES  OF  EXEMPTING  CERTAIN  INSURANCE
COMPANIES  FROM  THE  PROVISIONS  OF  SECTION ONE THOUSAND THREE HUNDRED
TWENTY-FOUR OF THIS ARTICLE, THE SUPERINTENDENT  SHALL  EXEMPT,  THROUGH
DECEMBER  THIRTY-FIRST,  TWO THOUSAND SIXTEEN, THOSE STOCK AND NON-STOCK
INSURANCE COMPANIES TO  WHICH  SUBPARAGRAPH  (B)  OF  PARAGRAPH  TWO  OF
SUBSECTION (B) OF SUCH SECTION APPLIES.
  S 2. Subsection (c) of section 2343 of the insurance law, as separate-
ly  amended by section 19 of part C and section 106-a of part H of chap-
ter 59 of the laws of 2011, is amended to read as follows:
  (c) Notwithstanding any other provision of this chapter,  no  applica-
tion for an order of rehabilitation or liquidation of a domestic insurer
whose  primary liability arises from the business of medical malpractice
insurance, as that term is defined in subsection  (b)  of  section  five
thousand  five hundred one of this chapter, shall be made on the grounds
specified in subsection (a)  or  (c)  of  section  seven  thousand  four
hundred two of this chapter at any time prior to [June thirtieth] DECEM-
BER THIRTY-FIRST, two thousand [fourteen] SIXTEEN.
  S 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

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