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NY S03592
Bill
Status
3/30/2023
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Amends Insurance Law Section 6502 to modify contingency reserve requirements for mortgage guaranty insurance companies.
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Allows withdrawals from the contingency reserve in years when actual incurred losses exceed 35% of earned premiums, with prior approval from the superintendent.
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Permits additional discretionary withdrawals if the superintendent determines after due consideration that the withdrawal will not be harmful to policyholders.
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Requires contingency reserve contributions equal to 50% of remaining earned premiums to be maintained for 120 months.
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Takes effect immediately upon enactment.
Legislative Description
Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.
Last Action
referred to insurance
5/29/2024