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NY A08712

Bill

Official Source

Status

Introduced

1/11/2022

Primary Sponsor

John McDonald

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends Insurance Law Section 6109 to allow the superintendent of financial services to authorize return of operating reserve balances to members of municipal insurance reciprocals
  • Permits return of subscriber operating reserve balances only if the municipal reciprocal insurer demonstrates it will retain sufficient surplus to support its obligations and writings
  • Takes effect on the same date as the 2021 legislation (S. 4112 and A. 3466) that initially authorized operating reserve balance returns
  • Modifies existing law to add a demonstration requirement regarding surplus retention before reserve balances can be returned to members

Legislative Description

Authorizes the return of any operating reserve balances of members of a municipal insurance reciprocal upon the municipal reciprocal insurer's demonstration that it will retain sufficient surplus to support its obligations and writings.

Last Action

substituted by s7704

2/28/2022

Committee Referrals

Insurance1/11/2022

Full Bill Text

No bill text available