Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 07, 2018 |
referred to insurance |
Senate Bill S8433
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
2017-S8433 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A11036
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §2304, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
A4511
2021-2022: A7276
2017-S8433 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8433 SPONSOR: FUNKE TITLE OF BILL: An act to amend the insurance law, in relation to the definition of loss cost for purposes of workers' compensation insurance PURPOSE: To remove allocated loss adjustment expenses from the definition of "loss costs." SUMMARY OF PROVISIONS: Section 1 of this bill amends section 2304 of the insurance law to remove loss adjustment expenses from the definition of "loss costs" for the purposes of workers' compensation insurance. Section 2 of this bill provides that it shall become effective imme- diately.
2017-S8433 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8433 I N S E N A T E May 7, 2018 ___________ Introduced by Sen. FUNKE -- 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 the definition of loss cost for purposes of workers' compensation insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (g) of section 2304 of the insurance law, as added by chapter 11 of the laws of 2008, is amended to read as follows: (g) "Loss costs," for the purpose of workers' compensation insurance in this article, means that portion of a rate intended to represent the anticipated costs of claim payments [and loss adjustment expenses asso- ciated with such claim payments], and may include one or more trend factors. Loss costs do not include provisions for expenses [(other than loss adjustment expenses)] such as LOSS ADJUSTMENT EXPENSES, acquisition costs, overhead and taxes, or profit. For all other purposes, the super- intendent, except as otherwise provided in this chapter, may promulgate regulations defining loss costs. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14819-01-8
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