S. 6749-B(Seward)/A. 869-B(Destito)

Accounting of Certain Assets

Summary:  The bill amends §§ 1301(a)(1)(9)(14)(20)(21) and (22); 1302 (a)(1) and (2); 1305 (a); 1308(b); 1405(b)(1)(c); 1414(c)(1) and (2) and 4105(a) of the insurance law to alter what can be treated as an admitted asset and what is considered a non-admitted asset for the purposes of the presentation of insurance company financial results in their annual and quarterly statements.  The bill also makes necessary conforming

changes to §§1305, 1308, 4117, 6203 and 7010 of the Insurance Law.

Effective Date:  July 21, 2008.  The bill applies to annual and quarterly financial statements required to be filed pursuant to Sections 307 & 308 of the Insurance Law, and by public health law article 44 health maintenance organizations, integrated delivery systems, prepaid health service plans, and comprehensive HIV special need plans, for

periods ending on or after the effective date.

Last Action: Approved and signed by the Governor on July 21, 2008 (Chapter 311 of the Laws of 2008).