Senate Bill S3592

2023-2024 Legislative Session

Relates to mortgage guaranty insurance

download bill text pdf

Sponsored By

Current 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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2023-S3592 (ACTIVE) - Details

See Assembly Version of this Bill:
A900
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §6502, Ins L
Versions Introduced in 2021-2022 Legislative Session:
A9629

2023-S3592 (ACTIVE) - Summary

Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.

2023-S3592 (ACTIVE) - Sponsor Memo

2023-S3592 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3592
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  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 MAY BE PERMITTED BY THE
 SUPERINTENDENT IF AFTER DUE CONSIDERATION THE SUPERINTENDENT  DETERMINES
 THE  WITHDRAWAL  SHALL  NOT  BE HARMFUL TO POLICYHOLDERS.   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.
                                                            LBD02506-04-3



              

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