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

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-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4984--A

                               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 -- committee discharged, bill amended,  ordered
          reprinted as amended and recommitted to said committee

        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 are subject to examination
    15  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[.]; and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08618-02-3
        A. 4984--A                          2

     1    (12) utilize the  authority  granted  to  unincorporated  associations
     2  under section twelve of the general associations law.
     3    §  4.  This  act shall take effect immediately; provided, however that
     4  the amendments to section 2130 of the insurance law made by sections two
     5  and three of this act shall not affect the expiration  of  such  section
     6  and shall be deemed to expire therewith.