New York A 7237: Requires the appointment of an independent fiduciary upon the dissolution of a charter school

Bill Text

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A07237 Summary:

BILL NOA07237 

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SAME ASNo Same As

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SPONSORBichotte Hermelyn

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COSPNSR

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MLTSPNSR

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Amd §§1113, 2105, 4101 & 4103, Ins L

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Relates to authorizing real estate value assurance insurance against loss of real estate value specifically attributable to local rezoning or significant changes in land use within their neighborhood that are not related to broader economic downturns.

Go to top A07237 Actions:

BILL NOA07237 

&nbsp

03/21/2025referred to insurance

01/07/2026referred to insurance

Go to topA07237 Committee&nbspVotes:

Go to topA07237 Floor&nbspVotes:

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

Go to topA07237 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7237

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 21, 2025
 ___________

 Introduced by M. of A. BICHOTTE HERMELYN -- read once and referred to
 the Committee on Insurance

 AN ACT to amend the insurance law, in relation to authorizing real
 estate value assurance insurance

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

 1 Section 1. Subsection (a) of section 1113 of the insurance law is
 2 amended by adding a new paragraph 36 to read as follows:
 3 (36) "Real estate value assurance insurance" means insurance against
 4 loss of real estate value specifically attributable to local rezoning or
 5 significant changes in land use within their neighborhood that are not
 6 related to broader economic downturns.
 7 § 2. Subsection (a) of section 2105 of the insurance law, as separate-
 8 ly amended by chapters 369 and 569 of the laws of 2024, is amended to
 9 read as follows:
 10 (a) The superintendent may issue an excess line broker's license to
 11 any person, firm, association or corporation who or which is licensed as
 12 an insurance broker under section two thousand one hundred four of this
 13 article, or who or which is licensed as an excess line broker in the
 14 licensee's home state, provided, however, that the applicant's home
 15 state grants non-resident licenses to residents of this state on the
 16 same basis, except that reciprocity is not required in regard to the
 17 placement of liability insurance on behalf of a purchasing group or any
 18 of its members; authorizing such person, firm, association or corpo-
 19 ration to procure, subject to the restrictions herein provided, policies
 20 of insurance from insurers that are not authorized to transact business
 21 in this state of the kind or kinds of insurance specified in paragraphs
 22 four through fourteen, sixteen, seventeen, nineteen, twenty, twenty-two,
 23 twenty-seven, twenty-eight, thirty-one, thirty-two, thirty-three, [and]
 24 thirty-four and thirty-six of subsection (a) of section one thousand one
 25 hundred thirteen of this chapter and in subsection (h) of this section,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10998-01-5

 A. 7237 2

 1 provided, however, that the provisions of this section and section two
 2 thousand one hundred eighteen of this article shall not apply to ocean
 3 marine insurance and other contracts of insurance enumerated in
 4 subsections (b) and (c) of section two thousand one hundred seventeen of
 5 this article. Such license may be suspended or revoked by the super-
 6 intendent whenever in the superintendent's judgment such suspension or
 7 revocation will best promote the interests of the people of this state.
 8 § 3. Subsection (a) of section 4101 of the insurance law, as amended
 9 by chapter 369 of the laws of 2024, is amended to read as follows:
 10 (a) "Basic kinds of insurance" means the kinds of insurance described
 11 in the following paragraphs of subsection (a) of section one thousand
 12 one hundred thirteen of this chapter numbered therein as set forth in
 13 parentheses below:
 14 fire (4);
 15 burglary and theft (7);
 16 glass (8);
 17 boiler and machinery (9);
 18 elevator (10);
 19 animal (11);
 20 personal injury liability (13);
 21 property damage liability (14) - basic as to stock companies only;
 22 workers' compensation and employers' liability (15);
 23 fidelity and surety (16);
 24 credit (17);
 25 marine and inland mar