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Sponsors
No co-sponsors yet.
History
- Signed chap.489
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.331
- Substituted for A10432
- Referred to insurance
- Delivered to assembly
- Passed senateVote 58–1
- Ordered to third reading cal.1159
- Committee discharged and committed to rules
- Print number 7514a
Show 2 earlier actions
- Amend (t) and recommit 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.
Relates to an exemption to certain provisions of law relating to risk-based capital for property/casualty insurance companies; repealer
Assembly Floor Calendar · Sponsor Charles Lavine
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7514A
Title of bill
An act to amend the insurance law, in relation to an exemption to certain provisions of law relating to risk-based capital for property/casualty insurance companies; and to repeal section 1325 of the insurance law relating thereto
Summary of provisions
Section 1: repeals § 1325 of the Insurance law and adds a new § 1325 to exempt medical malpractice insurance companies from provisions of law relating to the risk based financial standards applied to all property casualty insurance companies pursuant to §1324 of the Insurance law until December 31, 2016.
Section 2: Amends subsection (c) of § 2343 of the insurance law to extend certain prohibitions on request for orders of rehabilitation or liquidation for medical malpractice insurance carriers until December 31, 2016.
Section 3: Effective Date
Justification
Medical malpractice insurance carriers are unique compared to other insurance carriers in New York, in both their structure and regulation. As such, they have afforded certain exemptions from various rules pertaining to financial reporting and regulation. These exemptions have been provided in the past by the legislature either because the rules underlying the exemptions did not fit within the unique regulatory structure of medical malpractice insurance or frustrated other higher priority, public policy obligations such as the continued delivery of health care in many parts of the state. The bill simply extends the exemptions to certain provisions of law until 2016, specifically the protections against liquidation and the exemption from risk based capital rules
Prior legislative history
This is a new bill.
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.