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NY S06483

Bill

Official Source

Status

Passed

8/17/2012

Primary Sponsor

Jack Martins

Click for details

Origin

Senate

2011-2012 General Assembly

AI Summary

  • Changes the required rating for surety bonds from "at least two nationally recognized statistical rating organizations" to "at least one nationally recognized statistical rating organization"

  • Maintains the requirement that surety bond insurers must be authorized to do business in New York State and have claims-paying ability rated in one of the three highest rating categories

  • Amends subdivision 3 of paragraph c of section 58.00 of the local finance law

  • Takes effect immediately upon enactment

Legislative Description

Relates to limitations on insurers that may provide certain surety bonds by changing the claims-paying ability rating needed for eligibility.

Last Action

SIGNED CHAP.416

8/17/2012

Committee Referrals

Local Governments3/6/2012
Local Government2/15/2012

Full Bill Text

No bill text available