New York A 4254: Relates to mortgage guaranty insurance

Bill Text

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A04254 Summary:

BILL NOA04254 

&nbsp

SAME ASSAME AS S05311

&nbsp

SPONSORMcDonald

&nbsp

COSPNSRWeprin, Stirpe, Sayegh, Steck, Blankenbush

&nbsp

MLTSPNSR

&nbsp

Amd §6502, Ins L

&nbsp

Relates to mortgage guaranty insurance; allows for withdrawals from the contingency reserve if the superintendent determines that such withdrawals will not be harmful to policy holders.

Go to top A04254 Actions:

BILL NOA04254 

&nbsp

01/31/2025referred to insurance

01/07/2026referred to insurance

Go to topA04254 Committee&nbspVotes:

Go to topA04254 Floor&nbspVotes:

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

Go to topA04254 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4254

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 31, 2025
 ___________

 Introduced by M. of A. McDONALD, WEPRIN, STIRPE, SAYEGH, STECK, BLANKEN-
 BUSH -- read once and referred to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to mortgage guaranty
 insurance

 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 (a) of section 6502 of the insur-
 2 ance law is amended to read as follows:
 3 (2) it establishes a contingency reserve out of net premiums (gross
 4 premiums less premiums returned to policyholders) remaining after estab-
 5 lishing the unearned premium reserve. The company shall contribute to
 6 the contingency reserve an amount equal to fifty percent of such remain-
 7 ing earned premiums. Contributions to the contingency reserve made
 8 during each calendar year shall be maintained for a period of one
 9 hundred and twenty months, except that withdrawals may be made by the
 10 company with the prior approval of the superintendent in any year in
 11 which the actual incurred losses exceed thirty-five percent of the
 12 corresponding earned premiums or as otherwise may be permitted by the
 13 superintendent if after due consideration the superintendent determines
 14 the withdrawal shall not be harmful to policyholders. The unearned
 15 premium reserve shall be computed as required by section one thousand
 16 three hundred five of this chapter except that on policies covering a
 17 risk period of more than one year it shall be computed in accordance
 18 with standards promulgated by the superintendent; and
 19 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01541-01-5

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