Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance |
Feb 07, 2023 |
referred to insurance |
Senate Bill S4357
2023-2024 Legislative Session
Sponsored By
(D) 34th Senate District
Current 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
2023-S4357 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§6403 & 2321, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
S8340
2021-2022: S464
2023-S4357 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4357 SPONSOR: FERNANDEZ TITLE OF BILL: An act to amend the insurance law, in relation to mandating transparency of the expenses of title insurance corporations and authorizing the department of financial services to lower title insurance rates PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to increase transparency around title insur- ance companies expenses and authorize the Department of Finance to lower excessive insurance rates. SUMMARY OF PROVISIONS: Section 1 adds a new subsection (d) to section 6403 of the insurance law. This subsection requires title insurance corporations to file a detailed annual financial statement including expenses for items such as marketing, lobbying expenses, employee salaries and other forms of compensation with the superintendent and public. The superintendent
2023-S4357 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4357 2023-2024 Regular Sessions I N S E N A T E February 7, 2023 ___________ Introduced by Sen. FERNANDEZ -- 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 mandating transparency of the expenses of title insurance corporations and authorizing the department of financial services to lower title insurance rates THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6403 of the insurance law is amended by adding a new subsection (d) to read as follows: (D) (1) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY TITLE INSURANCE CORPORATION SHALL, FOR THE PRIOR CALENDAR YEAR, PROVIDE THE SUPERINTEN- DENT AND THE PUBLIC WITH A DETAILED FINANCIAL STATEMENT TO SUPPLEMENT AND EXPAND UPON ANY OTHER INFORMATION OTHERWISE PROVIDED TO THE DEPART- MENT AS IT RELATES TO SUCH TITLE INSURANCE CORPORATION'S EXPENSES. SUCH EXPENSES SHALL INCLUDE, BUT NOT BE LIMITED TO, MARKETING EXPENSES, LOBBYING EXPENSES, SALARIES OF EMPLOYEES, AND ANY OTHER EXPENSES AND FORMS OF COMPENSATION. (2) THE SUPERINTENDENT SHALL, IN BOTH WRITTEN FORM AND AS PART OF THE DEPARTMENT'S WEBSITE, MAKE SUCH FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. NO PERSON SHALL BE REQUIRED TO FILE A REQUEST FOR SUCH FINANCIAL STATEMENTS PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS LAW IN ORDER TO RECEIVE A COPY THEREOF, BUT UPON REQUEST AND PAYMENT OF THE FEE FOR COPYING SUCH DOCUMENT, IT SHALL BE PROVIDED IN A TIMELY MANNER. WITH RESPECT TO THE ELECTRONIC COPY OF SUCH FINANCIAL STATEMENTS, WHICH SHALL BE ACCESSIBLE ON THE DEPARTMENT'S WEBSITE, THE DEPARTMENT SHALL HIGH- LIGHT THE AVAILABILITY OF SUCH INFORMATION TO THE PUBLIC ON SUCH WEBSITE AND THE LINK TO EACH TITLE INSURANCE CORPORATION'S FINANCIAL STATEMENT SHALL BE ACCESSIBLE IN A SIMPLE AND EASY MANNER. (3) THE SUPERINTENDENT MAY PROMULGATE SUCH RULES AND REGULATIONS HE OR SHE DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE PROVISIONS OF THIS SECTION, AND SUCH RULES AND REGULATIONS MAY BE PROMULGATED ON AN EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08602-01-3
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