Senate Bill S4230

2013-2014 Legislative Session

Relates to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services

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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

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2013-S4230 (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §7903, Ins L

2013-S4230 (ACTIVE) - Summary

Relates to the filing of wholesale fees by certain suppliers of service contracts with the superintendent of financial services.

2013-S4230 (ACTIVE) - Sponsor Memo

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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