Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 21, 2014 |
signed chap.410 |
Oct 09, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to senate passed assembly ordered to third reading rules cal.438 substituted for a4833a |
Jun 19, 2014 |
substituted by s3539a rules report cal.438 |
Jun 18, 2014 |
reported reported referred to rules |
Jun 10, 2014 |
print number 4833a |
Jun 10, 2014 |
amend and recommit to insurance |
Jan 08, 2014 |
referred to insurance |
Feb 11, 2013 |
referred to insurance |
Assembly Bill A4833A
Signed By Governor2013-2014 Legislative Session
Sponsored By
MAGEE
Archive: Last Bill Status Via S3539 - Signed by Governor
- 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
Votes
Bill Amendments
co-Sponsors
Joseph Morelle
Clifford Crouch
multi-Sponsors
Frank Skartados
2013-A4833 - Details
2013-A4833 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4833 2013-2014 Regular Sessions I N A S S E M B L Y February 11, 2013 ___________ Introduced by M. of A. MAGEE, MORELLE -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to permitting certain agreements by domestic mutual insurance corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (f) of section 1209 of the insurance law is amended to read as follows: (f) No domestic mutual insurance corporation, except a domestic mutual insurance company organized before January first, nineteen hundred forty to do only marine protection and indemnity insurance, shall enter into any agreement with any of the officers or directors, or with any firm or corporation in which any such officer or director is pecuniarily inter- ested directly or indirectly, whereby the insurance corporation agrees to pay, for the acquisition of business, any commission or other compen- sation which under the agreement is increased or diminished by the amount of such business or by the insurance corporation's earnings on such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY A DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE INSURANCE CORPORATION TO ENTER INTO SUCH AN AGREEMENT WITH A FIRM OR CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE SUPERINTENDENT DETERMINES THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT BE ADVERSELY AFFECTED; (2) THE OFFICER OR DIRECTOR HAS NO PECUNIARY INTEREST DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD NOT BE MATERIAL IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM VOLUME. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08131-01-3
co-Sponsors
Joseph Morelle
Clifford Crouch
multi-Sponsors
Frank Skartados
2013-A4833A (ACTIVE) - Details
2013-A4833A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4833--A 2013-2014 Regular Sessions I N A S S E M B L Y February 11, 2013 ___________ Introduced by M. of A. MAGEE, MORELLE, CROUCH -- Multi-Sponsored by -- M. of A. SKARTADOS -- read once and referred to the Committee on Insurance -- recommitted to the Committee on Insurance in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to permitting certain agreements by domestic mutual insurance corporations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (f) of section 1209 of the insurance law is amended to read as follows: (f) No domestic mutual insurance corporation, except a domestic mutual insurance company organized before January first, nineteen hundred forty to do only marine protection and indemnity insurance, shall enter into any agreement with any of the officers or directors, or with any firm or corporation in which any such officer or director is pecuniarily inter- ested directly or indirectly, whereby the insurance corporation agrees to pay, for the acquisition of business, any commission or other compen- sation which under the agreement is increased or diminished by the amount of such business or by the insurance corporation's earnings on such business. NOTWITHSTANDING THE FOREGOING, AND UPON APPLICATION BY A DOMESTIC MUTUAL INSURANCE CORPORATION, THE SUPERINTENDENT MAY PERMIT THE INSURANCE CORPORATION TO ENTER INTO SUCH AN AGREEMENT WITH A FIRM OR CORPORATION THAT IS A LICENSED INSURANCE PRODUCER IF THE SUPERINTENDENT DETERMINES THAT: (1) THE INSURANCE CORPORATION'S POLICYHOLDERS WILL NOT BE ADVERSELY AFFECTED; (2) THE OFFICER OR DIRECTOR HAS NO PECUNIARY INTEREST DIRECTLY IN THE INSURANCE PRODUCER; AND (3) ANY BENEFIT TO THE OFFICER OR DIRECTOR THAT ACCRUES AS A RESULT OF THE AGREEMENT WOULD NOT BE MATERIAL IN RELATION TO THE INSURANCE CORPORATION'S OVERALL PREMIUM VOLUME. ANY SUCH AGREEMENT APPROVED BY THE SUPERINTENDENT SHALL BE SUBJECT TO ANNUAL REVIEWS AND, WHERE THE SUPERINTENDENT DETERMINES SUCH AGREEMENT NO LONGER CONFORMS TO THIS SUBSECTION, THE SUPERINTENDENT SHALL REVOKE HIS OR HER PRIOR APPROVAL. S 2. This act shall take effect immediately.
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