New York S 4674: Allows domestic insurers to make certain records available by electronic means

Bill Text

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S04674 Summary:

BILL NOS04674A

&nbsp

SAME ASSAME AS A03028

&nbsp

SPONSORJACKSON

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §325, Ins L

&nbsp

Allows domestic insurers to make certain records available by electronic means if they are easily accessible from the insurer's principal office in this state and the insurer complies with all applicable state and federal laws and regulations.

Go to top S04674 Actions:

BILL NOS04674A

&nbsp

02/11/2025REFERRED TO INSURANCE

03/19/2025AMEND AND RECOMMIT TO INSURANCE

03/19/2025PRINT NUMBER 4674A

05/05/20251ST REPORT CAL.922

05/06/20252ND REPORT CAL.

05/07/2025ADVANCED TO THIRD READING 

05/22/2025SUBSTITUTED BY A3028

&nbspA03028 AMEND= Dilan

&nbsp01/23/2025referred to insurance

&nbsp02/24/2025reported 

&nbsp02/27/2025advanced to third reading cal.36

&nbsp03/03/2025passed assembly

&nbsp03/03/2025delivered to senate

&nbsp03/03/2025REFERRED TO INSURANCE

&nbsp05/22/2025SUBSTITUTED FOR S4674A

&nbsp05/22/20253RD READING CAL.922

&nbsp05/22/2025PASSED SENATE

&nbsp05/22/2025RETURNED TO ASSEMBLY

&nbsp10/09/2025delivered to governor

&nbsp10/16/2025signed chap.446

Go to topS04674 Committee&nbspVotes:

Go to topS04674 Floor&nbspVotes:

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

Go to topS04674 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4674--A

 2025-2026 Regular Sessions

 IN SENATE

 February 11, 2025
 ___________

 Introduced by Sen. JACKSON -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee

 AN ACT to amend the insurance law, in relation to allowing domestic
 insurers to make certain records available by electronic means

 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 325 of the insurance law, as
 2 amended by chapter 196 of the laws of 1987, is amended to read as
 3 follows:
 4 (a) Every domestic insurer and every licensed United States branch of
 5 an alien insurer entered through this state shall, except as hereinafter
 6 provided, keep and maintain at its principal office in this state its
 7 charter and by-laws (in the case of a United States branch a copy there-
 8 of) and its books of account, and if a domestic stock corporation a
 9 record containing the names and addresses of its shareholders, the
 10 number and class of shares held by each and the dates when they respec-
 11 tively became the owners of record thereof, and if a domestic corpo-
 12 ration the minutes of any meetings of its shareholders, policyholders,
 13 board of directors and committees thereof. If any such records are kept
 14 in a language other than English, they shall be accompanied by accurate
 15 translations thereof. An insurer may satisfy the requirements of this
 16 subsection by storing the aforementioned books and records on servers
 17 that are accessible through the internet, on an internal server hosted
 18 by the insurer or one of its affiliates, or externally with a third-par-
 19 ty service provider if they are easily accessible from the insurer's
 20 principal office in this state and the insurer complies with all appli-
 21 cable state and federal laws and regulations.
 22 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03895-03-5

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