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NY A08627
Bill
Status
Passed
7/18/2012
Primary Sponsor
Aileen Gunther
Click for details
AI Summary
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Reduces the minimum number of directors required for cooperative property/casualty insurance companies from nine to seven
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Changes the residency requirement for directors from all directors being residents of the state to at least one director being a resident within the territory where the corporation is licensed to do business
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Amends Section 6603 of the Insurance Law regarding bylaws and incorporation requirements for cooperative insurance companies
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Takes effect immediately upon enactment
Legislative Description
Relates to the incorporation of co-operative property/casualty insurance companies and to the keeping of records by such companies.
Last Action
signed chap.126
7/18/2012
Committee Referrals
Insurance5/30/2012
Insurance9/21/2011
Full Bill Text
No bill text available