Assembly Bill A9629

2021-2022 Legislative Session

Relates to mortgage guaranty insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A9629 (ACTIVE) - Details

See Senate Version of this Bill:
S8404
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6502, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A900

2021-A9629 (ACTIVE) - Summary

Relates to mortgage guaranty insurance.

2021-A9629 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9629
 
                           I N  A S S E M B L Y
 
                              March 28, 2022
                                ___________
 
 Introduced by M. of A. McDONALD -- read once and referred to the Commit-
   tee on Insurance
 
 AN  ACT  to  amend  the  insurance law, in relation to mortgage guaranty
   insurance
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 2 of subsection (a) of section 6502 of the insur-
 ance law is amended to read as follows:
   (2)  it  establishes  a contingency reserve out of net premiums (gross
 premiums less premiums returned to policyholders) remaining after estab-
 lishing the unearned premium reserve. The company  shall  contribute  to
 the contingency reserve an amount equal to fifty percent of such remain-
 ing  earned  premiums.    Contributions  to the contingency reserve made
 during each calendar year shall  be  maintained  for  a  period  of  one
 hundred  and  twenty  months, except that withdrawals may be made by the
 company with the prior approval of the superintendent  in  any  year  in
 which  the  actual  incurred  losses  exceed  thirty-five percent of the
 corresponding earned premiums OR AS OTHERWISE PERMITTED  BY  THE  SUPER-
 INTENDENT.    The unearned premium reserve shall be computed as required
 by section one thousand three hundred five of this chapter  except  that
 on  policies  covering  a  risk period of more than one year it shall be
 computed in accordance with standards promulgated by the superintendent;
 and
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14750-01-2

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