Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 16, 2013 |
recommit, enacting clause stricken |
Mar 15, 2013 |
referred to insurance |
Senate Bill S4230
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Stricken
- 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
2013-S4230 (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §7903, Ins L
2013-S4230 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4230 TITLE OF BILL: An act to amend the insurance law, in relation to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services PURPOSE: This legislation relates to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services. SUMMARY OF PROVISIONS: Section 1: Amends subsection (a) of section 7903 of the insurance law, as amended by chapter 409 of the laws of 2012. Section 2: Effective Date JUSTIFICATION: Chapter 409 of the Laws of 2012 was signed into law to allow small local paintless dent repair businesses to offer services contracts. This legislation also requires the submission of retail rates, which must be filed with DFS 30 days prior to charging these prices to consumers. Small businesses have found this extremely difficult to do since they must compete with major service contract providers for auto dealer space on Finance and Insurance menus and dealers will place the products on the menu that perform the best. If PDU and glass are the only products with price limits the dealer will
2013-S4230 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4230 2013-2014 Regular Sessions I N S E N A T E March 15, 2013 ___________ Introduced by Sen. DeFRANCISCO -- 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 the filing of whole- sale fees by certain suppliers of service contracts with the super- intendent of financial services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 7903 of the insurance law, as amended by chapter 409 of the laws of 2012, is amended to read as follows: (a) Notwithstanding any other provision of this chapter to the contra- ry, the marketing, sale, offering for sale, issuance, making, proposing to make and administration of service contracts by any provider, admin- istrator or other person, shall be exempt from all other provisions of this chapter. A provider may, but is not required to, appoint an admin- istrator or other designee to be responsible for any or all of the administration of service contracts and compliance with this article. Notwithstanding any other provision of this article, a provider of a service contract, as defined in paragraphs two and three of subsection (k) of section seven thousand nine hundred two of this article, shall, at least thirty days prior to the effective date of an initial [provid- er] WHOLESALE fee, or a change in a [provider] WHOLESALE fee, file the amount of the [provider] WHOLESALE fee with the superintendent and such filing shall be open to public inspection; and provided further that the [provider] WHOLESALE fee shall not exceed the amount filed. The require- ment to file the amount of the [provider] WHOLESALE fee with the super- intendent in this subsection shall not apply to fees set forth in any agreement to which an authorized insurer is a party. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09593-01-3
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