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NY S08404

Bill

Official Source

Status

Engrossed

5/17/2022

Primary Sponsor

Neil Breslin

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Amends Insurance Law Section 6502(a)(2) to modify contingency reserve requirements for mortgage guaranty insurance companies
  • Requires companies to contribute 50% of remaining earned premiums to contingency reserve after establishing unearned premium reserve
  • Allows withdrawal of contingency reserve funds when actual incurred losses exceed 35% of corresponding earned premiums or as otherwise approved by the superintendent
  • Maintains contingency reserve contributions for 120 months
  • Takes effect immediately upon enactment

Legislative Description

Relates to mortgage guaranty insurance.

Last Action

referred to insurance

5/17/2022

Committee Referrals

Insurance5/17/2022
Insurance2/23/2022

Full Bill Text

No bill text available