Senate Bill S9574

2023-2024 Legislative Session

Imposes a tax on out-of-state transfers, dividends, payments, and loans by certain accident and health insurance companies and health maintenance organizations

download bill text pdf

Sponsored By

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

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2023-S9574 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §9112, amd §§1109 & 9106, Ins L
Versions Introduced in 2021-2022 Legislative Session:
S8470

2023-S9574 (ACTIVE) - Summary

Imposes a tax on out-of-state transfers, dividends, payments, and loans by certain accident and health insurance companies and health maintenance organizations to be deposited in the New York state agency trust fund, distressed provider assistance account.

2023-S9574 (ACTIVE) - Sponsor Memo

2023-S9574 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9574
 
                             I N  S E N A T E
 
                               May 16, 2024
                                ___________
 
 Introduced  by  Sen.  RIVERA -- 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  imposing  a  tax  on
   out-of-state  transfers,  dividends,  payments,  and  loans by certain
   accident and health insurance companies and health maintenance  organ-
   izations

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The insurance law is amended by adding a new  section  9112
 to read as follows:
   § 9112.  TAX ON OUT-OF-STATE TRANSFERS, DIVIDENDS, PAYMENTS, AND LOANS
 BY  ACCIDENT  AND  HEALTH  INSURANCE  COMPANIES  LICENSED  UNDER ARTICLE
 FORTY-TWO OF THIS CHAPTER AND HEALTH MAINTENANCE ORGANIZATIONS.  (A)  AS
 USED  IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEAN-
 INGS:
   (1) "DOMESTIC INSURER" MEANS AN INSURER THAT IS AN ACCIDENT AND HEALTH
 INSURANCE COMPANY LICENSED UNDER ARTICLE FORTY-TWO OF THIS CHAPTER OR AN
 ORGANIZATION COMPLYING WITH THE PROVISIONS OF ARTICLE FORTY-FOUR OF  THE
 PUBLIC HEALTH LAW.
   (2)  "COMMERCIAL  PROGRAM" MEANS ANY PROGRAM OF HEALTH INSURANCE OTHER
 THAN (I) PROGRAMS FOR INDIVIDUALS COVERED BY ARTICLE FIVE OF THE  SOCIAL
 SERVICES  LAW,  ARTICLE  TWENTY-FIVE  OF  THE  PUBLIC HEALTH LAW, TITLES
 XVIII, XIX, AND XXI OF THE FEDERAL SOCIAL SECURITY ACT, OR CHAPTER 89 OF
 TITLE 5 OF THE UNITED STATES CODE OR (II) PROGRAMS OF  INSURANCE  AVAIL-
 ABLE  ON  THE HEALTH BENEFIT EXCHANGE ESTABLISHED BY SECTION TWO HUNDRED
 SIXTY-EIGHT OF THE PUBLIC HEALTH LAW.
   (B) EFFECTIVE ON AND AFTER  APRIL  FIRST,  TWO  THOUSAND  TWENTY-FOUR,
 THERE  SHALL BE PAID BY EVERY DOMESTIC INSURER TO THE SUPERINTENDENT, ON
 OR BEFORE THE FIRST DAY OF MARCH, A TAX EQUAL TO  NINE  AND  SIXTY-THREE
 ONE  HUNDREDTHS  PERCENT  OF  ANY DIVIDENDS, ORDINARY, EXTRAORDINARY, OR
 OTHERWISE, OR OTHER FUNDS DERIVING FROM SUBSCRIBER PREPAYMENTS OR PREMI-
 UMS RECEIVED FOR THE DOMESTIC INSURER'S  COMMERCIAL  PROGRAMS  THAT  ARE
 PAID,  TRANSFERRED, DISTRIBUTED, OR LOANED TO AN ENTITY IN SUCH DOMESTIC
 INSURER'S HOLDING COMPANY SYSTEM THAT IS DOMICILED IN ANY  OTHER  STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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