Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 23, 2015 |
signed chap.1 |
Feb 20, 2015 |
delivered to governor |
Feb 10, 2015 |
returned to senate passed assembly ordered to third reading rules cal.1 substituted for a840 |
Jan 27, 2015 |
referred to insurance |
Jan 26, 2015 |
delivered to assembly passed senate |
Jan 12, 2015 |
ordered to third reading cal.9 |
Jan 09, 2015 |
referred to rules |
Senate Bill S1312
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - 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
2015-S1312 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A840
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยงยง4110 & 6613, Ins L
2015-S1312 (ACTIVE) - Sponsor Memo
BILL NUMBER:S1312 TITLE OF BILL: An act to amend the insurance law, in relation to encouraging modernization of mutual and cooperative insurance companies' information systems technology PURPOSE: The purpose of this bill is to make technical changes to Chapter 527 of the laws of 2014. SUMMARY OF PROVISIONS: Section 1. Amends Insurance Law section 4110(a) to allow domestic mutual property insurance companies to exceed the management expenses limit for the purpose of making informational technology upgrades. This limit could not exceed five percentage points and is limited to three year's duration, subject to approval by the Superintendent. A domestic mutual property/casualty insurance company could apply for a second three-year extension not to exceed five percentage points. Section 2. Amend Insurance Law section 6613(a) to similarly increase the management expenses limit for cooperative property/casualty insurance companies if they incur expenses upon making a new system
2015-S1312 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1312 2015-2016 Regular Sessions I N S E N A T E January 9, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the insurance law, in relation to encouraging moderniza- tion of mutual and cooperative insurance companies' information systems technology THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 4110 of the insurance law, as amended by chapter 527 of the laws of 2014, is amended to read as follows: (a) No domestic mutual property/casualty insurance company licensed to write a kind of insurance specified in paragraph seven, eight, nine, ten, eleven, thirteen, fourteen, fifteen, sixteen or seventeen of subsection (a) of section one thousand one hundred thirteen of this chapter shall expend in any one calendar year for management expenses a greater amount than thirty percent of the sum of its net premium income and seventy-five percent of its investment income for such year; provided that any insurer whose principal line of business is medical malpractice liability insurance or any insurer who is the subject of a proceeding pursuant to article seventy-four of this chapter shall not expend in any one calendar year for management expenses, a greater amount than thirty percent of its net premium income for such year. Management expenses shall be held to include all expenses of the company except expenses incurred in the investigation, adjustment and settlement of claims, taxes, fees and expenses of examination, and taxes, repairs and expenses on real estate. In applying the provisions of this section the net premium income of, and expenses of, boiler and machinery insur- ance or elevator insurance shall not be included. In the event expenses incurred in making a new system upgrade result in this subsection's management expenses limit being exceeded, then the insurer shall inform the superintendent sixty days in advance of the expense limit being EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07221-01-5
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