Bill Text: NY A04984 | 2023-2024 | General Assembly | Amended

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Bill Title: Authorizes an examination of records maintained by the excess line broker by the excess line association; extends the expiration thereof.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2023-10-25 - signed chap.550 [A04984 Detail]

Download: New_York-2023-A04984-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4984--B

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 27, 2023
                                       ___________

        Introduced by M. of A. D. ROSENTHAL, WEPRIN -- read once and referred to
          the  Committee  on  Insurance  --  committee discharged, bill amended,
          ordered reprinted as amended and  recommitted  to  said  committee  --
          reported  and  referred  to  the Committee on Rules -- Rules Committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to the Committee on Rules

        AN ACT to amend the insurance law, in relation  to  the  examination  of
          records  maintained by the excess line association; and to amend chap-
          ter 630 of the laws of 1988, amending the insurance  law  relating  to
          establishing  an  excess  line  advisory  organization, in relation to
          extending the effectiveness thereof

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

     1    Section  1. Section 5 of chapter 630 of the laws of 1988, amending the
     2  insurance law relating to establishing an excess line advisory organiza-
     3  tion, as amended by chapter 488 of the laws of 2018, is amended to  read
     4  as follows:
     5    §  5. This act shall take effect January 1, 1989 and shall cease to be
     6  of any force or effect after July 1, [2024] 2029.
     7    § 2. Paragraph 1 of subsection (a) of section 2130  of  the  insurance
     8  law,  as added by chapter 630 of the laws of 1988, is amended to read as
     9  follows:
    10    (1) receive and record  all  excess  line  insurance  documents  which
    11  excess  line  brokers  are  required  to file with the association under
    12  section two thousand one hundred eighteen of this article.  All  records
    13  which  an  excess  line broker is required to maintain under section two
    14  thousand one hundred eighteen of this article shall be open to  examina-
    15  tion by the excess line association;
    16    §  3.  Paragraph 11 of subsection (a) of section 2130 of the insurance
    17  law, as added by chapter 630 of the laws of 1988, is amended and  a  new
    18  paragraph 12 is added to read as follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08618-03-3
        A. 4984--B                          2

     1    (11)  provide  such other services to its members as are incidental or
     2  related to the purposes of the association[.]; and
     3    (12)  utilize  the  authority  granted  to unincorporated associations
     4  under section twelve of the general associations law.
     5    § 4. This act shall take effect immediately;  provided,  however  that
     6  the amendments to section 2130 of the insurance law made by sections two
     7  and  three  of  this act shall not affect the expiration of such section
     8  and shall be deemed to expire therewith.