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NY S07704

Bill

Official Source

Status

Passed

3/18/2022

Primary Sponsor

Neil Breslin

Click for details

Origin

Senate

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 outstanding subscriber operating reserve balances 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 related 2021 legislation (S.4112 and A.3466)

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

SIGNED CHAP.148

3/18/2022

Committee Referrals

Insurance1/11/2022
Rules1/7/2022

Full Bill Text

No bill text available