Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 08, 2025 |
referred to insurance |
Senate Bill S1022
2025-2026 Legislative Session
Sponsored By
(D, WF) 31st 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
2025-S1022 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Add §7013, Ins L
- Versions Introduced in 2023-2024 Legislative Session:
-
S9632
2025-S1022 (ACTIVE) - Summary
Enacts the "limited equity cooperative insurance captive authorization and county cap act" to enable limited equity cooperatives in the state of New York to establish insurance captives to enhance their ability to manage risks, improve insurance coverage, and promote financial stability.
2025-S1022 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1022 SPONSOR: JACKSON TITLE OF BILL: An act to amend the insurance law, in relation to enacting the "limited equity cooperative insurance captive authorization and county cap act" PURPOSE: Enacts the "limited equity cooperative insurance captive authorization and county cap act" SUMMARY OF PROVISIONS: Section 1 of the bill is title "limited equity cooperative insurance captive authorization and county cap act" Section two is the legislative purpose: The purpose of this act is to enable limited equity cooperatives in the state of New York to establish insurance captives to enhance their ability to manage risks, improve insurance coverage, and promote financial stability. Furthermore, it
2025-S1022 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1022 2025-2026 Regular Sessions I N S E N A T E (PREFILED) January 8, 2025 ___________ Introduced by Sen. JACKSON -- 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 enacting the "limited equity cooperative insurance captive authorization and county cap act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "limited equity cooperative insurance captive authorization and county cap act". § 2. Legislative purpose and findings. The purpose of this act is to enable limited equity cooperatives in the state of New York to establish insurance captives to enhance their ability to manage risks, improve insurance coverage, and promote financial stability. Furthermore, it aims to prevent concentration of risk by capping the number of insurance captives that limited equity cooperatives can establish to one per coun- ty. § 3. The insurance law is amended by adding a new section 7013 to read as follows: § 7013. LIMITED EQUITY COOPERATIVE INSURANCE CAPTIVE. (A) AS USED IN THIS SECTION, THE TERM "LIMITED EQUITY COOPERATIVE" SHALL MEAN A LIMITED EQUITY COOPERATIVE ORGANIZED AS A NONPROFIT HOUSING DEVELOPMENT FUND COMPANY PURSUANT TO ARTICLE ELEVEN OF THE PRIVATE HOUSING FINANCE LAW. (B) LIMITED EQUITY COOPERATIVES ARE HEREBY AUTHORIZED TO ESTABLISH INSURANCE CAPTIVES FOR THE PURPOSE OF PROVIDING INSURANCE COVERAGE TO THEIR MEMBERS AND MANAGING RELATED RISKS. NO LIMITED EQUITY COOPERATIVE SHALL HOLD MORE THAN THIRTY PERCENT OF ITS RISK IN THE SAME COUNTY AND SHALL HOLD NO MORE THAN SIXTY PERCENT OF ITS RISK IN NEW YORK CITY. A LIMITED EQUITY COOPERATIVE INSURANCE CAPTIVE SHALL HAVE NO FEWER THAN TEN THOUSAND UNITS UNDER ITS RISK MANAGEMENT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02938-01-5
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