New York A 6305: Includes fires caused by the manufacture of a controlled substance within the crime of arson in the first degree

Bill Text

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A06305 Summary:

BILL NOA06305 

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SAME ASNo Same As

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SPONSORSimone (MS)

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COSPNSRBenedetto, Braunstein, Colton, Gonzalez-Rojas, Hevesi, Hunter, Magnarelli, Otis, Paulin,
 Peoples-Stokes, Rosenthal, Seawright, Steck, Stirpe, Weprin

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MLTSPNSRCook, Epstein, Glick, Lupardo, Simon

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Amd §§7402, 7403 & 7405, add Art 81 §§8101 - 8104, Ins L; amd §72, add §98-e, St Fin L

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Creates the health insurance guaranty fund to protect covered individuals against the failure or inability of a health insurer to perform its contractual obligations due to financial impairment or insolvency.

Go to top A06305 Actions:

BILL NOA06305 

&nbsp

03/03/2025referred to insurance

01/07/2026referred to insurance

Go to topA06305 Committee&nbspVotes:

Go to topA06305 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06305 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6305

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 3, 2025
 ___________

 Introduced by M. of A. SIMONE, BENEDETTO, BRAUNSTEIN, COLTON, GONZALEZ-
 ROJAS, HEVESI, HUNTER, MAGNARELLI, OTIS, PAULIN, PEOPLES-STOKES,
 ROSENTHAL, SEAWRIGHT, STECK, STIRPE, WEPRIN -- Multi-Sponsored by --
 M. of A. COOK, EPSTEIN, GLICK, LUPARDO, SIMON -- read once and
 referred to the Committee on Insurance

 AN ACT to amend the insurance law and the state finance law, in relation
 to creating the health insurance guaranty fund

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsection (e) of section 7402 of the insurance law is
 2 amended to read as follows:
 3 (e) Is found, after examination, to be in such condition that its
 4 further transaction of business will be hazardous to its policyholders,
 5 creditors, or the public. This shall include a health insurer, as
 6 defined in article eighty-one of this chapter, that is consistently
 7 unable to meet the requirements of section three thousand two hundred
 8 twenty-four-a of this chapter.
 9 § 2. Section 7403 of the insurance law is amended by adding a new
 10 subsection (e) to read as follows:
 11 (e)(1) Upon a determination by the superintendent and the rehabilita-
 12 tor that funds from the New York health insurance consumer protection
 13 security fund are necessary to meet the requirements of article eighty-
 14 one of this chapter, the superintendent shall make available such funds
 15 as are necessary, pursuant to the requirements of such article.
 16 (2) The superintendent shall advance such funds as may be necessary
 17 pursuant to subsection (d) of section eight thousand one hundred four of
 18 this chapter. The rehabilitator and the superintendent shall establish a
 19 plan, if possible, for repayment of the advance, at a rate of interest
 20 determined by the superintendent.
 21 (3) Advances, pursuant to paragraph two of this subsection, shall, in
 22 all respects except to rate of interest, be subject to the provisions of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03984-01-5

 A. 6305 2

 1 section one thousand three hundred seven of this chapter, provided that
 2 in the event that an insurer which has received an advance pursuant to
 3 this subsection is subsequently the subject of an order of liquidation,
 4 the claim of the fund for the advance and any accrued interest shall
 5 have priority above claims of all nonsecured creditors, provided the
 6 requirements of article eighty-one of this chapter have been met, and
 7 shall be paid immediately to the fund or as soon as assets are available
 8 therefor.
 9 § 3. Paragraph 1 of subsection (f) of section 7405 of the insurance
 10 law, as amended by chapter 33 of the laws of 2005, is amended to read as
 11 follows:
 12 (1) No later than one hundred eighty days after a final order of
 13 liquidation with an adjudication of insolvency of an insurer by a court
 14 of competent jurisdiction of this state, the liquidator may in his sole
 15 discretion make application to the court for approval of a proposal to
 16 disburse assets out of marshalled assets, from time to time as such
 17 assets become available, to any fund established by article