Imposes assessments upon fire insurers in the city of New York for the support of the fire patrol and electricity committee of the fire underwriters; repealer

5 Co-sponsors

• Eric Adams
• Ruth Hassell-Thompson
• Thomas P. Morahan
• Toby Ann Stavisky
• Dale M. Volker

Title of bill

An act to amend chapter 241 of the laws of 1930, relating to the New York Board of Fire Underwriters, in relation to establishing the advisory council of the fire patrol, and assessments for the support of the fire patrol and the electricity committee; and to repeal sections 14 and 15 of such chapter relating to the expenses of the fire patrol and statements of premiums

Purpose

This bill provides for minimum funding for the fire patrol and confirms that assets, revenues and receipts of the fire patrol be used only for fire patrol activities

Justification

It is the express intention of this Legislation that all pensions will be funded by assessments on the insurance carriers. To confirm that the Electricity Committee activities may be discontinued, but the Fire patrol activities shall continue, as per Section 12. To confirm that the assets, revenues and receipts of the Fire Patrol, including funding herein, shall be used only for Fire Patrol activities. To establish a Fire Patrol Advisory Council to assist and develop appropriate policies and priorities of effective loss prevention, property loss and mitigation. The Board shall consult with the New York City Fire Department and others in areas pertaining to fire prevention, loss prevention, property loss and mitigation. To direct the Insurance Commissioner to study the economic benefits of the fire patrol, and to make a recommendation about extending the funding obligations to business interruption carriers. The fire patrol economic impact is business continuation, including the role of the Fire patrol services in furtherance of compliance with the mandatory Sarbanes-Oxley disaster recovery requirements for US industries. Therefore, it may be appropriate for the business interruption carriers to be assessed for the benefits of the Fire Patrol.

Legislative history

New bill.

Fiscal implications

None.

Effective date

This act shall take effect immediately; provided, however, that the assessments described in sections 14, 15 and 15-a of chapter 241 of the laws of 1930, relating to defining the powers and jurisdiction of the New York board of fire underwriters, as amended by section one of this act, shall be pro-rated on a calendar year basis, from such effective date, and shall be returned and collected forthwith, no later than sixty days from such effective date.