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NY A04632
Bill
Status
2/4/2011
Primary Sponsor
Peter Rivera
Click for details
AI Summary
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Establishes the Insurer Fund for Underserved Neighborhood/Rural Area Development Corporation, a for-profit entity consisting of all insurers authorized to write property, casualty, and related insurance types in New York State.
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Requires all member insurers to contribute proportional shares of investment capital and operating expenses based on their net direct premiums written, with minimum contributions of $100 million starting July 1, 2012, increasing to $250 million by July 1, 2013, and up to $500 million or 1% of aggregate premiums thereafter.
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Directs the corporation to make "qualified investments" in underserved areas including affordable housing, family farms, small businesses, community development, health information technology, and environmental cleanup, with investments limited to 10% in state and local bonds.
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Establishes a 16-member governing board consisting of three ex-officio state officials, eight insurance industry representatives elected by weighted voting, and five consumer/community development experts appointed by the Governor and legislature.
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Requires the corporation to submit an annual report to the Superintendent and state officials detailing its transactions, operations, and investments, with audits conducted annually by the Department of Financial Services.
Legislative Description
Creates the insurer fund for underserved neighborhood/rural area development corporation; provides that such corporation shall operate in accordance with a plan of operation; provides that the corporation shall be governed by a board of sixteen directors; requires certain insurers to invest a portion of their assets in underserved neighborhoods and rural areas of the state.
Last Action
enacting clause stricken
9/4/2012