New York S 7934: Relates to requiring at least one member of the state board of parole be a formerly incarcerated person

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S07934 Summary:

BILL NOS07934 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHELMING

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§7003, 7005, 7007 & 7006, Ins L

&nbsp

Requires pure captive insurance companies and group captive insurance companies who are a public entity, political subdivision, public authority, public benefit corporation, or a subsidiary thereof to hold at least two meetings each year in this state, have a majority of members required to be residents of this state, file an annual report with the governor, the temporary president of the senate, the speaker of the assembly, and the minority leaders of the senate and assembly, and submit to additional examinations.

Go to top S07934 Actions:

BILL NOS07934 

&nbsp

05/14/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS07934 Committee&nbspVotes:

Go to topS07934 Floor&nbspVotes:

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

Go to topS07934 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7934

 2025-2026 Regular Sessions

 IN SENATE

 May 14, 2025
 ___________

 Introduced by Sen. HELMING -- 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 providing exceptions
 to pure captive insurance companies and group captive insurance compa-
 nies, who are public entities, political subdivisions, public authori-
 ties, public benefit corporations, or a subsidiary thereof

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

 1 Section 1. Paragraph 2 of subsection (b) of section 7003 of the insur-
 2 ance law, as added by section 146 of part A of chapter 389 of the laws
 3 of 1997, is amended to read as follows:
 4 (2) its board of directors holds at least one meeting each year in
 5 this state; provided, however, in the case of any pure captive insurance
 6 company or group captive insurance company who is a public entity, poli-
 7 tical subdivision, public authority, public benefit corporation, or a
 8 subsidiary thereof, its board of directors shall hold at least two meet-
 9 ings each year in this state;
 10 § 2. Subsection (g) of section 7005 of the insurance law, as added by
 11 section 146 of part A of chapter 389 of the laws of 1997, is amended to
 12 read as follows:
 13 (g) The board of directors of a captive insurance company incorporated
 14 in this state shall have at least three members, with at least two of
 15 the members required to be residents of this state; provided, however,
 16 in the case of any pure captive insurance company or group captive
 17 insurance company who is a public entity, political subdivision, public
 18 authority, public benefit corporation, or a subsidiary thereof, the
 19 board of directors shall have a majority of members required to be resi-
 20 dents of this state.
 21 § 3. Section 7007 of the insurance law, as amended by chapter 435 of
 22 the laws of 2022, is amended to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11993-01-5

 S. 7934 2

 1 § 7007. Examinations. (a) The superintendent may make an examination
 2 into the affairs of any captive insurance company licensed to do a
 3 captive insurance business in this state whenever it is deemed necessary
 4 for the protection of the interests of the people of this state but the
 5 superintendent shall conduct at least one examination every five years.
 6 Such examinations shall be conducted in accordance with the provisions
 7 of sections three hundred ten, three hundred eleven, three hundred
 8 twelve of this chapter and subsection (f) of section two hundred six of
 9 the financial services law.
 10 (b) Notwithstanding subsection (a) of this section, in the case of any
 11 pure captive insurance company or group captive insurance company who is
 12 a public entity, political subdivision, public authority, public benefit
 13 corporation, or a subsidiary thereof:
 14 (1) the superintendent shall conduct an examination into the affairs
 15 of such pure or group captive insurance company at least once every
 16 three years.
 17 (2) the state comptroller also is authorized to make an examination