S7514A-2011 Actions

• Oct 3, 2012: SIGNED CHAP.489
• Sep 21, 2012: DELIVERED TO GOVERNOR
• Jun 18, 2012: returned to senate
• Jun 18, 2012: passed assembly
• Jun 18, 2012: ordered to third reading rules cal.331
• Jun 18, 2012: substituted for a10432
• Jun 12, 2012: referred to insurance
• Jun 12, 2012: DELIVERED TO ASSEMBLY
• Jun 12, 2012: PASSED SENATE
• Jun 12, 2012: ORDERED TO THIRD READING CAL.1159
• Jun 12, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• Jun 1, 2012: PRINT NUMBER 7514A
• Jun 1, 2012: AMEND (T) AND RECOMMIT TO INSURANCE
• May 30, 2012: REFERRED TO INSURANCE

S7514A-2011 Meetings

S7514A-2011 Calendars

S7514A-2011 Votes

S7514A-2011 Memo

BILL NUMBER:S7514A

TITLE OF BILL:

An act
to amend the insurance law, in relation to an exemption to certain
provisions of law relating to risk-based capital for property/casualty
insurance companies; and to repeal section 1325 of the insurance law
relating thereto

SUMMARY OF PROVISIONS:

Section 1: repeals � 1325 of the Insurance law and adds a new � 1325 to
exempt medical malpractice insurance companies from provisions of law
relating to the risk based financial standards applied to all
property casualty insurance companies pursuant to �1324 of the
Insurance law until December 31, 2016.

Section 2: Amends subsection (c) of � 2343 of the insurance law to
extend certain prohibitions on request for orders of rehabilitation
or liquidation for medical malpractice insurance carriers until
December 31, 2016.

Section 3: Effective Date

JUSTIFICATION:

Medical malpractice insurance carriers are unique
compared to other insurance carriers in New York, in both their
structure and regulation. As such, they have afforded certain
exemptions from various rules pertaining to financial reporting and
regulation.
These exemptions have been provided in the past by the legislature
either because the rules underlying the exemptions did not fit within
the unique regulatory structure of medical malpractice insurance or
frustrated other higher priority, public policy obligations such as
the continued delivery of health care in many parts of the state. The
bill simply extends the exemptions to certain provisions of law until
2016, specifically the protections against liquidation and the
exemption from risk based capital rules

PRIOR LEGISLATIVE HISTORY:

This is a new bill.

FISCAL IMPLICATIONS:

None to the state.

EFFECTIVE DATE:

Immediately.

S7514A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 7514--A
 I N  SENATE
 May 30, 2012
 
 Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
 printed to be committed to the Committee  on  Insurance  --  committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee
 AN  ACT  to  amend  the  insurance  law,  in relation to an exemption to
 certain  provisions  of  law  relating  to  risk-based   capital   for
 property/casualty  insurance  companies; and to repeal section 1325 of
 the insurance law relating thereto
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1. 

Section  1325  of the insurance law is REPEALED and a new
 section 1325 is added to read as follows:

 

S 1325. EXEMPTION. FOR THE PURPOSES  OF  EXEMPTING  CERTAIN  INSURANCE
 COMPANIES  FROM  THE  PROVISIONS  OF  SECTION ONE THOUSAND THREE HUNDRED
 TWENTY-FOUR OF THIS ARTICLE, THE SUPERINTENDENT  SHALL  EXEMPT,  THROUGH
 DECEMBER  THIRTY-FIRST,  TWO THOUSAND SIXTEEN, THOSE STOCK AND NON-STOCK
 INSURANCE COMPANIES TO  WHICH  SUBPARAGRAPH  (B)  OF  PARAGRAPH  TWO  OF
 SUBSECTION (B) OF SUCH SECTION APPLIES.
 

S 2. Subsection (c) of section 2343 of the insurance law, as separate
 ly  amended by section 19 of part C and section 106-a of part H of chap
 ter 59 of the laws of 2011, is amended to read as follows:

 (c) Notwithstanding any other provision of this chapter,  no  applica
 tion for an order of rehabilitation or liquidation of a domestic insurer
 whose  primary liability arises from the business of medical malpractice
 insurance, as that term is defined in subsection  (b)  of  section  five
 thousand  five hundred one of this chapter, shall be made on the grounds
 specified in subsection (a)  or  (c)  of  section  seven  thousand  four
 hundred two of this chapter at any time prior to [June thirtieth] DECEM
 BER THIRTY-FIRST, two thousand [fourteen] SIXTEEN.
 

S 3. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15992-02-2

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