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History
- Print number 8399a
- Amend and recommit to insurance
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Requires the NYS health foundation and state insurance fund to file annual audited financial statements with the office of the state comptroller
In Assembly Committee · Insurance · Sponsor Neil D. Breslin
Full text
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Sponsor's memo
BILL NUMBER:A8399A
Title of bill
An act to amend the insurance law and the workers' compensation law, in relation to requiring the New York state health foundation and the state insurance fund to file annual audited financial statements with the office of the state comptroller
Purpose
Requires the New York State Health Foundation and the State Insurance Fund to file annual audited financial statements with the Office of the State Comptroller.
Summary of provisions
Section 1 amends paragraph 9 of subsection (k) of section 7317 of the insurance law to require the state health founda- tion to annually file financial statements audited by a certified public accountant with the office of the state comptroller within 150 days from the end of each fiscal year.
Section 2 amends section 99 of the workers' compensation law to require the state insurance fund to annually file with the office of the state comptroller, on or before June fifteenth, financial statements audited by an independent auditor.
Section 3 provides for an effective date of the first of January next succeeding the date on which it shall have become a law.
Background and justification
The Bureau of Financial Reporting (BFR) has concluded that the Government Accounting Standards Board (GASH} considers the State Insurance Fund (SIF) and the New York State Health Foundation (Health Foundation) component units of the State of New York reporting entity and requires their audited financial information to be discretely presented in the New York State Comprehensive Annual Finan- cial Report (CAFR). These entities are not required by statute to file audited financial reports with the Office of the State Comptroller (OSC). This bill proposes to amend existing state laws to require that these entities file annual audited financial statements with OSC.
Pursuant to section a of the state finance law, OSC must complete its annual financial report and distribute it within 120 days of the state's March 31 fiscal year end. In 2007 and 2008, the SIF and the Health Foun- dation were late in making financial reports available to OSC for inclu- sion in the CAFR. Requiring the SIF and Health Foundation to meet a statutory delivery date will ensure the timely completion and high qual- ity of the CAFR.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.