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NY S09006

Bill

Status

Engrossed

5/31/2022

Primary Sponsor

Neil Breslin

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Requires holding companies controlling insurers and authorized domestic insurers to file annual group capital calculations and liquidity stress test results with the superintendent in prescribed forms, with exemption authority granted to the superintendent.

  • Prohibits insurers, insurance producers, and other persons from publicly disclosing group capital calculations, group capital ratios, liquidity stress test results, or related components, except that insurers may rebut materially false statements with superintendent approval.

  • Expands information-sharing authority to include third-party consultants designated by the superintendent and other designated entities, while maintaining confidentiality protections for shared documents, materials, and information including trade secrets.

  • Makes reports and filings confidential and not subject to subpoena, discovery, or admission as evidence in private civil actions unless the superintendent determines publication serves policyholder, shareholder, or public interests.

  • Authorizes the superintendent to promulgate regulations requiring deposits or bonds for certain transactions, subjecting holding company entities to jurisdiction in insolvency proceedings, and governing records and funds held by parent entities.

Legislative Description

Relates to group capital calculations, liquidity stress tests and confidentiality; authorizes the promulgation of regulations and the payment of certain expenses.

Last Action

referred to insurance

5/31/2022

Committee Referrals

Insurance5/31/2022
Insurance5/3/2022

Full Bill Text

No bill text available