New York S 1022: Authorizes a public retirement system, mutual fund, or other institutional investor to bring actions for damages sustained due to violations of the Martin Act

Bill Text

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S01022 Summary:

BILL NOS01022 

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SAME ASNo Same As

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SPONSORJACKSON

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COSPNSR

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MLTSPNSR

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Add §7013, Ins L

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Enacts the "limited equity cooperative insurance captive authorization and county cap act" to enable limited equity cooperatives in the state of New York to establish insurance captives to enhance their ability to manage risks, improve insurance coverage, and promote financial stability.

Go to top S01022 Actions:

BILL NOS01022 

&nbsp

01/08/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS01022 Committee&nbspVotes:

Go to topS01022 Floor&nbspVotes:

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

Go to topS01022 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1022

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to enacting the "limited
 equity cooperative insurance captive authorization and county cap act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "limited equity cooperative insurance captive authorization and
 3 county cap act".
 4 § 2. Legislative purpose and findings. The purpose of this act is to
 5 enable limited equity cooperatives in the state of New York to establish
 6 insurance captives to enhance their ability to manage risks, improve
 7 insurance coverage, and promote financial stability. Furthermore, it
 8 aims to prevent concentration of risk by capping the number of insurance
 9 captives that limited equity cooperatives can establish to one per coun-
 10 ty.
 11 § 3. The insurance law is amended by adding a new section 7013 to read
 12 as follows:
 13 § 7013. Limited equity cooperative insurance captive. (a) As used in
 14 this section, the term "limited equity cooperative" shall mean a limited
 15 equity cooperative organized as a nonprofit housing development fund
 16 company pursuant to article eleven of the private housing finance law.
 17 (b) Limited equity cooperatives are hereby authorized to establish
 18 insurance captives for the purpose of providing insurance coverage to
 19 their members and managing related risks. No limited equity cooperative
 20 shall hold more than thirty percent of its risk in the same county and
 21 shall hold no more than sixty percent of its risk in New York City. A
 22 limited equity cooperative insurance captive shall have no fewer than
 23 ten thousand units under its risk management.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02938-01-5

 S. 1022 2

 1 (c) The limited equity cooperative shall create and organize the
 2 insurance captive in accordance with the requirements set forth by the
 3 department and other applicable laws and regulations. Any insurance
 4 captive established pursuant to the provisions of this section shall be
 5 subject to oversight and regulation by the department.
 6 (d) An insurance captive established pursuant to the provisions of
 7 this section shall be operated as a distinct entity from the limited
 8 equity cooperative itself, maintaining separate financial records and
 9 accounts.
 10 (e) A limited equity cooperative insurance captive may offer coverage
 11 for property and casualty risks, liability risks, and any other risks
 12 deemed appropriate by the department, subject to approval of the depart-
 13 ment.
 14 (f) A limited equity cooperative insurance captive shall adhere to all
 15 solvency requirements and financial standards established by department,
 16 ensuring its ability to meet the insurance needs of the limited equity
 17 cooperative members.
 18 (g) Participation in the limited equity cooperative insurance captive
 19 by limited equity cooperative members shall be voluntary. Any member
 20 opting to participate shall contribute to the limited equity cooperative
 21 insurance captive's capital and premium reserves as required by the
 22 captive's policies and procedures.
 23 (h) The insurance captive shall be s