Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Mar 06, 2014 |
referred to insurance |
Senate Bill S6755
2013-2014 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- Introduced
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- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) Senate District
(R, C) 7th Senate District
2013-S6755 (ACTIVE) - Details
2013-S6755 (ACTIVE) - Summary
Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of insurance to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.
2013-S6755 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6755 REVISED MEMO 03/06/2014 TITLE OF BILL: An act to amend the insurance law, in relation to removing the exemption of the state insurance fund from licensing and other requirements; to amend the workers' compensation law, in relation to requiring the superintendent of insurance to approve the rules adopted by the state insurance fund for the conduct of its business; and to amend the workers' compensation law, in relation to the requirement for policyholders to provide 30 days notice to withdraw from the state insurance fund PURPOSE: The bill would require that the State Insurance Fund (SIF) be licensed by the Department of Financial Services (DFS) and subject to the same requirements as other insurance companies providing workers' compensation insurance. The bill would also require that the Superintendent of DFS approve the rules adopted by SIF for the conduct of its business. It would also delete the requirement for SIF policy holders to provide 30 days notice to withdraw from the Fund. SUMMARY OF PROVISIONS: Section 1. Amends section 1108 of the Insurance Law by deleting subsection (c) which exempts the state insurance fund from licensing and other requirements of the Insurance Law.
2013-S6755 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6755 I N S E N A T E March 6, 2014 ___________ Introduced by Sen. LAVALLE -- 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 removing the exemption of the state insurance fund from licensing and other requirements; to amend the workers' compensation law, in relation to requiring the superintendent of insurance to approve the rules adopted by the state insurance fund for the conduct of its business; and to amend the work- ers' compensation law, in relation to the requirement for policyhold- ers to provide 30 days notice to withdraw from the state insurance fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1108 of the insurance law, subsection (c) as amended by chapter 838 of the laws of 1985, subsection (j) as added by section 2 of part R of chapter 56 of the laws of 2010, subsection (k) as added by chapter 181 of the laws of 2012, subsection (l) as added by chapter 246 of the laws of 2012, subsection (l) as relettered and subsection (m) as added by chapter 203 of the laws of 2013, is amended to read as follows: S 1108. Insurers exempt from licensing and other requirements. The following insurers, their officers, agents, representatives and employ- ees shall be exempt from licensing and other requirements imposed by the provisions of this chapter (except article seventy-four hereof) to the extent specified below: (a) Any charitable annuity society which complies with the require- ments of section one thousand one hundred ten of this article, to the extent therein stated. (b) Any fraternal benefit society, membership corporation or other organization exempted under the provisions of article forty-five of this chapter, to the extent therein stated. [(c) The state insurance fund of this state, except as to the provisions of subsection (d) of section two thousand three hundred thir- ty-nine, section three thousand one hundred ten, subsection (a), para- graph one of subsection (b), paragraph three of subsection (c) and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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