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NY S05311

Bill

Official Source

Status

Introduced

2/20/2025

Primary Sponsor

Jamaal Bailey

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • 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
  • Expands current withdrawal rules, which only permit withdrawals when actual incurred losses exceed 35% of corresponding earned premiums
  • Maintains existing requirement that companies contribute 50% of remaining earned premiums to the contingency reserve
  • Preserves the 120-month maintenance period for contingency reserve contributions
  • 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

Committee Referrals

Insurance1/7/2026
Rules6/13/2025
Insurance2/20/2025

Full Bill Text

No bill text available