Senate Bill S1022

2025-2026 Legislative Session

Enacts the "limited equity cooperative insurance captive authorization and county cap act"

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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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

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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