S3604A-2011 Actions

• Jan 23, 2012: PRINT NUMBER 3604A
• Jan 23, 2012: AMEND (T) AND RECOMMIT TO INSURANCE
• Jan 4, 2012: REFERRED TO INSURANCE
• Feb 28, 2011: REFERRED TO INSURANCE

S3604A-2011 Memo

BILL NUMBER:S3604

TITLE OF BILL:
An act
in relation to authorizing and directing the superintendent of
insurance to conduct a study concerning the potential effect of a
disaster on the insurance industry of this state

PURPOSE:
The purpose of the bill is to require a
study on the effect
of disasters on the insurance industry of New York State.

SUMMARY OF PROVISIONS:
Section 1.1: The superintendent of insurance is
hereby authorized and directed to conduct a study concerning the
potential effect of disasters on the insurance industry of New York
State

EXISTING LAW:
2010:  S.6465 - Held in Insurance

JUSTIFICATION:
Insurance is a product that everyone
purchases and no
one hopes to use. However, after massive disasters such as
hurricanes, earthquakes, and terrorist attacks many thousands of
people may receive payment for damages they have experienced. Often
times this process can overwhelm companies and exhaust reserves. It
is imperative that before disaster strikes we have a better
understanding of how to prepare the insurance industry for such an
event and what, if anything, the state of New York can do.

FISCAL IMPLICATIONS:
Minimal.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

S3604A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 3604--A
 2011-2012 Regular Sessions
 I N  SENATE
 February 28, 2011
 
 Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance  --  recommitted
 to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
 --  committee  discharged,  bill amended, ordered reprinted as amended
 and recommitted to said committee
 

AN ACT in relation to authorizing and directing  the  superintendent  of
 financial  services to conduct a study concerning the potential effect
 of a disaster on the insurance industry of this state
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Notwithstanding any other provision of law, the superinten
 dent  of financial services, in consultation with the office of homeland
 security, is hereby authorized and directed to prepare or  cause  to  be
 prepared  a study to examine, evaluate and make recommendations concern
 ing the potential effect of a disaster,  catastrophic  event,  state  of
 emergency  or  any  other event of major destructive consequences on the
 insurance industry of this state. Such study shall include the effect of
 both natural and man-made disasters within its scope. Natural  disasters
 to  be studied shall include, but not be limited to, disasters occurring
 from rain, sleet, ice, snow, wind or  extreme  heat  or  cold.  Man-made
 disasters  to  be  studied shall include, but not be limited to, acts of
 terrorism, acts of war, strikes or mass riots. Such  study  shall  focus
 primarily  on  the preparedness and ability of the insurance industry to
 function in the event of such a disaster and what procedures and  proto
 cols  may  be  implemented to improve such functionality, as well as any
 other issues the superintendent of financial services deems relevant.
 

S 2. The superintendent of financial  services  shall  report  to  the
 governor  and  the  legislature  the  findings  of the study required by
 section one of this act along with his  or  her  recommendations  on  or
 before January 1, 2013.
 

S 3. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07638-02-1

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