What's happening
This bill creates the Title Insurance Assessment Relief Act, changing how title insurance companies are assessed in New York State.
Why it matters
Reduces assessment base for title insurance companies. The bill changes how New York calculates assessments for title insurance companies by allowing them to subtract amounts paid to, or kept by, title agents from their direct premiums. This potentially lowers the financial burden on these companies.
May lead to lower operational costs. By reducing what counts toward assessments, title insurance companies could see lower regulatory fees, which may improve their profitability or allow for more competitive pricing in the title insurance market.
Could impact state revenue. Since assessments are a source of funding for regulatory oversight, lowering the base could decrease revenue for the state’s Department of Financial Services, possibly affecting its oversight resources.
Targets only NY-domiciled title insurers. The relief applies specifically to companies based in New York State, which could benefit local insurers and possibly shift competitive dynamics between in-state and out-of-state title insurance providers.
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Change Title Insurance Assessments
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred 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.
Change Title Insurer Assessments
In Senate Committee · Insurance · Sponsor Neil D. Breslin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
68
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. CAHILL -- read once and referred to the Committee on Insurance
AN ACT in relation to the creation of the title insurance assessment relief act
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Title insurance assessment relief act. Notwithstanding section 206 of the financial services law, title insurance corporations licensed under paragraph 18 of subsection (a) of section 1113 of the insurance law and domiciled in New York state shall be assessed on direct premiums written less amounts paid to or retained by title agents in this state during the calendar year ending December thirty-first immediately preceding the end of the fiscal year for which the assessment is made (less return premiums and considerations thereon) for policies or contracts of insurance covering title in this state the issuance of which policies or contracts requires a license from the superintendent of financial services.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02801-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.