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NY A04254
Bill
Status
1/31/2025
Primary Sponsor
John McDonald
Click for details
AI Summary
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Allows mortgage guaranty insurance companies to withdraw funds from their contingency reserve with superintendent approval if the superintendent determines the withdrawal will not be harmful to policyholders
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Expands withdrawal options beyond the existing threshold, which only permits withdrawals when actual incurred losses exceed 35% of corresponding earned premiums
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Maintains existing requirement that companies contribute 50% of remaining earned premiums to the contingency reserve
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Preserves the 120-month holding period for contingency reserve contributions
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Takes effect immediately upon passage
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
1/7/2026