Bill Text: NY A02387 | 2023-2024 | General Assembly | Amended

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Bill Title: Allows domestic insurers to make certain records available by electronic means if they are easily accessible from the insurer's principal office in this state and the insurer complies with all applicable state and federal laws and regulations.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed) 2024-03-04 - REFERRED TO INSURANCE [A02387 Detail]

Download: New_York-2023-A02387-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         2387--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 26, 2023
                                       ___________

        Introduced  by M. of A. DILAN -- read once and referred to the Committee
          on Insurance -- recommitted to the Committee on Insurance  in  accord-
          ance  with  Assembly  Rule  3,  sec.  2  -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        AN  ACT  to  amend  the  insurance law, in relation to allowing domestic
          insurers to make certain records available by electronic means

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subsection  (a)  of  section 325 of the insurance law, as
     2  amended by chapter 196 of the laws  of  1987,  is  amended  to  read  as
     3  follows:
     4    (a)  Every domestic insurer and every licensed United States branch of
     5  an alien insurer entered through this state shall, except as hereinafter
     6  provided, keep and maintain at its principal office in  this  state  its
     7  charter and by-laws (in the case of a United States branch a copy there-
     8  of)  and  its  books  of  account, and if a domestic stock corporation a
     9  record containing the names  and  addresses  of  its  shareholders,  the
    10  number  and class of shares held by each and the dates when they respec-
    11  tively became the owners of record thereof, and  if  a  domestic  corpo-
    12  ration  the  minutes of any meetings of its shareholders, policyholders,
    13  board of directors and committees thereof. If any such records are  kept
    14  in  a language other than English, they shall be accompanied by accurate
    15  translations thereof.  An insurer may satisfy the requirements  of  this
    16  subsection  by  storing  the aforementioned books and records on servers
    17  that are accessible through the internet, on an internal  server  hosted
    18  by the insurer or one of its affiliates, or externally with a third-par-
    19  ty  service  provider  if  they are easily accessible from the insurer's
    20  principal office in this state and the insurer complies with all  appli-
    21  cable state and federal laws and regulations.
    22    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03237-04-4