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Who cares
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Sponsors
No co-sponsors yet.
History
- Vetoed memo.221
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.417
- Substituted for A10292A
- Referred to codes
- Delivered to assembly
- Passed senateVote 61–1
- Advanced to third reading
- Amended (t) 7534a
- 2nd report cal.
Show 2 earlier actions
- 1st report cal.1287
- 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 filing a report on examination
Assembly Floor Calendar · Sponsor Kevin Cahill
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 filing a report in examination
Purpose
The purpose of this bill is to institute greater administrative functions to be performed by the Department of Financial Services when they impose guidance, regulations, inquiries and examinations on the insurance industry.
Summary of provisions
Section 1 provides for amendments to § 311 of the insurance law to establish administrative procedures around the process of the examination of insurance companies. The amendments establish that a company examination should be considered closed when the report on examination is adopted by the Superintendent of the Department of Financial Services. The legislation also requires that such report on examination must include information regarding whether any fine or regulatory action will be imposed as a result of the examination and the amount of the fine or nature of the regulatory action.
Section 2 is the effective date.
Justification
The Department of Financial Services serves an important role in overseeing the insurance companies and products of this state. This bill will implement certain administrative procedures when the Department is serving this purpose, in order to provide greater transparency for the insurance industry, their customers and the general public. The more in-depth administrative processes required by this bill will lead to better analysis by the Department when considering the imposition of certain regulatory guidance or inquiries or when conducting a regular examination of a company. The processes established in this bill will shed better light on the Department's rationale for the proposal of guidance or a regulation, or for an inquiry on a particular subject, or for why a company was fined as a result of a company exam. This will serve to achieve a better regulatory outcome when the final initiative, inquiry or exam is implemented, imposed or published.
Legislative history
New bill.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.