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Who cares
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Sponsors
3 Co-sponsors
History
- 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.
Extends owner controlled insurance programs in certain instances
In Assembly Committee · Insurance · Sponsor Steven Cymbrowitz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to extending owner controlled insurance programs in certain instances
Purpose
This bill would expand the ability of the Metropolitan Transportation Authority (MTA), to use owner controlled insurance programs in connection with bus facilities and bridge and tunnel capital projects.
Summary of provisions
This bill would amend Insurance Law § 2504(a)(2)(B) to expand the use of owner controlled insurance programs for the MTA to include bus facilities and bridge and tunnel capital projects.
Existing law
Currently, the MTA is permitted to use owner controlled insurance programs only in connection with the construction of electrical generating and transmission facilities or construction, extensions and additions of light rail or heavy rail rapid transit and commuter railroads.
Legislative history
This is a new bill.
Justification
The MTA currently uses owner controlled insurance programs in connection with its multi-billion dollar subway and commuter capital programs. Existing law restricts the use of owner controlled insurance programs for other major projects, such as bridge and tunnel projects. MT A believes that this amendment will allow it to bring the same cost savings to these additional projects that it has already experienced in connection with the subway and commuter railroad capital program.
Fiscal implications
This bill will have no direct state budget implications. However, the programs already in use at MTA are estimated to have saved well in excess of one hundred million dollars.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.