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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4984

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 27, 2023
                                       ___________

        Introduced  by  M.  of  A. D. ROSENTHAL -- read once and referred to the
          Committee on Insurance

        AN ACT to amend the insurance law, in relation to the excess line  asso-
          ciation,  and  to  amend chapter 630 of the laws of 1988, amending the
          insurance law relating to establishing an excess line advisory  organ-
          ization, in relation to 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 subject to exam-
    15  ination 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:
    19    (11) provide such other services to its members as are  incidental  or
    20  related to the purposes of the association[.];
    21    (12)  utilize  the  authority  granted  to unincorporated associations
    22  pursuant to section twelve of the general associations law.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08618-01-3
        A. 4984                             2

     1    § 4. This act shall take effect immediately;  provided,  however,  the
     2  amendments to section 2130 of the insurance law made by sections two and
     3  three  of  this  act shall not affect the expiration of such section and
     4  shall expire and be deemed repealed therewith.