Assembly Bill A2603

2015-2016 Legislative Session

Directs state insurance fund to offer title insurance and authorizes superintendent of financial services to implement such

download bill text pdf

Sponsored By

Archive: Last 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2015-A2603 (ACTIVE) - Details

Current Committee:
Assembly Labor
Law Section:
Workers' Compensation Law
Laws Affected:
Amd §76, Work Comp L
Versions Introduced in Other Legislative Sessions:
2009-2010: A9441
2011-2012: A4168
2013-2014: A680
2017-2018: A4885
2019-2020: A4354

2015-A2603 (ACTIVE) - Summary

Directs state insurance fund to offer title insurance and authorizes superintendent of insurance to implement such program.

2015-A2603 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2603

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2015
                               ___________

Introduced by M. of A. WEPRIN -- read once and referred to the Committee
  on Labor

AN  ACT to amend the workers' compensation law, in relation to directing
  the state insurance fund to offer title insurance or  certificates  of
  clear title

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 76 of the workers' compensation law is  amended  by
adding a new subdivision 6 to read as follows:
  6.  THE  PURPOSES  OF THE STATE INSURANCE FUND CREATED IN THIS SECTION
ARE HEREBY ENLARGED TO PERMIT IT TO FURNISH TITLE INSURANCE POLICIES, AS
DEFINED IN SUBSECTION (B) OF SECTION SIX THOUSAND FOUR  HUNDRED  ONE  OF
THE  INSURANCE  LAW, AND/OR CERTIFICATES OF CLEAR TITLE. A SEPARATE FUND
IS HEREBY CREATED WITHIN THE STATE INSURANCE FUND, WHICH SHALL BE  KNOWN
AS  THE  "TITLE INSURANCE FUND", AND WHICH SHALL CONSIST OF ALL PREMIUMS
RECEIVED AND PAID INTO SAID FUND ON ACCOUNT OF SUCH INSURANCE, ALL SECU-
RITIES ACQUIRED BY AND THROUGH THE USE OF MONEYS BELONGING TO SAID  FUND
AND  OF INTEREST EARNED UPON MONEYS BELONGING TO SAID FUND AND DEPOSITED
OR INVESTED AS HEREIN PROVIDED.  SAID  TITLE  INSURANCE  FUND  SHALL  BE
APPLICABLE TO THE PAYMENTS, EXPENSES AND ASSESSMENTS ON ACCOUNT OF TITLE
INSURANCE  POLICIES WRITTEN PURSUANT TO THE RULES AND REGULATIONS ESTAB-
LISHED BY THE SUPERINTENDENT OF FINANCIAL SERVICES.
  S 2. The superintendent of financial services is hereby:
  1. directed to create, within the insurance department, a title insur-
ance bureau which shall implement the  title  insurance  program  estab-
lished by this act; and
  2.  authorized  to prescribe, amend and withdraw rules and regulations
implementing the provisions of subdivision 6 of section 76 of the  work-
ers' compensation law, as added by section one of this act.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07310-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.