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History
- Signed chap.1
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.1
- Substituted for A840
- Referred to insurance
- Delivered to assembly
- Passed senateVote 55–0
- Ordered to third reading cal.9
- Referred to rules
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.
Encourages modernization of mutual and cooperative insurance companies' information systems technology
Assembly Floor Calendar · Sponsor Anthony Brindisi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1312
Title of bill
An act to amend the insurance law, in relation to encouraging modernization of mutual and cooperative insurance companies' information systems technology
Purpose
The purpose of this bill is to make technical changes to Chapter 527 of the laws of 2014.
Summary of provisions
Section 1. Amends Insurance Law section 4110(a) to allow domestic mutual property insurance companies to exceed the management expenses limit for the purpose of making informational technology upgrades. This limit could not exceed five percentage points and is limited to three year's duration, subject to approval by the Superintendent. A domestic mutual property/casualty insurance company could apply for a second three-year extension not to exceed five percentage points.
Section 2. Amend Insurance Law section 6613(a) to similarly increase the management expenses limit for cooperative property/casualty insurance companies if they incur expenses upon making a new system upgrade which places their total management expenses over the limit. This temporary increase in the limit could not exceed 5 percentage points for a maximum duration of three years and subject to the approval of the Superintendent. A cooperative mutual property/casualty insurance company could apply for a second three-year extension not to exceed five percentage points.
Section 3. Effective date is immediately upon enactment.
Justification
This bill makes technical changes to Chapter 527 of the laws of 2014.
Legislative history
New
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.