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Who cares
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Sponsors
No co-sponsors yet.
History
- 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 assessment of certain title insurance corporations
In Assembly Committee · Insurance · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7228
Title of bill
An act in relation to the creation of the title insurance assessment relief act
Purpose
To amend the law so that all New York-domiciled licensed title underwriters are assessed on the net premiums retained on policies issued for property located within the state of New York.
Summary of provisions
Section one amends the law to allow a title insurer domiciled in New York State to be assessed on direct premiums written less amounts paid to or retained by title agents in New York State during the calendar year immediately preceding the fiscal year for which the assessment is made.
Section two sets forth the effective date.
Justification
Title insurers domiciled in New York State are subject to annual assessments pursuant to Section 206 of the Financial Services Law to cover operating expenses of the department solely attributable to regulating persons under the insurance law. This assessment is based on 100% of the gross premium of policies written by the title insurer, but the insurer generally retains only 15% of the premium; 85% of the premium is retained by the title agent.
This legislation, if enacted, would afford relief to domesticated insurers while continuing to hold them responsible for the premiums assessed by law and used for the operation of the Department of Financial Services.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.