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NY A09629
Bill
Status
Introduced
3/28/2022
Primary Sponsor
John McDonald
Click for details
AI Summary
- Amends Insurance Law Section 6502(a)(2) to modify contingency reserve requirements for mortgage guaranty insurance companies
- Requires companies to contribute 50 percent of remaining earned premiums to contingency reserves after establishing unearned premium reserves
- Allows withdrawals from contingency reserves with superintendent approval when actual incurred losses exceed 35 percent of corresponding earned premiums
- Adds language permitting additional withdrawals "as otherwise permitted by the superintendent" to provide regulatory flexibility
- Takes effect immediately upon enactment
Legislative Description
Relates to mortgage guaranty insurance.
Last Action
referred to insurance
3/28/2022
Committee Referrals
Insurance3/28/2022
Full Bill Text
No bill text available