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LAWS

OF THE

STATE OF NEW YORK

PASSED AT THE

TWO HUNDRED AND FIFTEENTH

SESSION

1992

CHAPTER 323

(See FISCAL NOTE at end of Chapter.)

AN ACT authorizing the reopening of the twenty year retirement plan to policemen and firemen in the village of Garden City, Nassau County

Became a law July 17, 1992, with the approval of the Governor.

Passed on Home Rule request pursuant to Article IX, section 2(b) (2) of the Constitution, by a majority vote, three-fifths being present.

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

Section The village of Garden City, Nassau county, whic had previously elected to make the benefits of section 384-d of the retirement and social security law available to firemen employed by it, may elect to make participation in such plans available to those firemen who, for reasons not ascribable to their own negligence failed to make a timely application to participate in such retirement plan. Such village may so elect by filing with the state comptroller, on or before December 31, 1992, a resolution of its governing body, together with a certification that the firemen concerned are not' barred from participating in such retirement plan as the result of their own negligence. Thereafter, any, such firemen employed by such village may apply to participate in such plans by filing the appropriate application with the state comptroller on or before June 30, 1993.

§ 2. Any cost incurred as a result of such election shall be borne by such village. The past service cost shall be paid by the village of Garden City in ten annual equal installments commencing with the annual employer contributions payable on December 15, 1993 and ending on December 15, 2002.

§ 3. The provisions of section 430 of the retirement and social security law shall not apply to any benefit provided by this act.

§ 4. This act shall take effect immediately. FISCAL NOTE. -The fiscal note, required by Section 50 of the Legislative Law, which may not be altered and which must be appended to the bill in its entirety, is:

This bill would allow the Village of Garden City to elect to reopen the provisions of Section 384-d of the Retirement and Social Security Law for certain firemen who failed to make a timely application to be covered under such provisions.

If this bill is enacted, we anticipate that there will be an increase of approximately $52,000 in the annual contributions of the Village of Garden City for the fiscal year ending March 31, 1993.

In addition to the annual contributions discussed above, there will be an immediate past service cost

of approximately $200,000. This cost would be borne by the Village of Garden City in ten (10) annual equal installments, commencing with a payment on December 15, `1993. The amount of each installment would be approximately $28,000.

This estimate, dated January 30, 1992 and intended for use only during the 1992 Legislative Session, is Fiscal Note No. 92-97 prepared by the Actuary for the New York State and Local Police and Fire Retirement System.

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

CHAPTER 324
(See REPEAL NOTE at end of Chapter.)

AN ACT to amend the insurance law, in relation to the types of invest

ments permitted for non-life insurers and correcting a technical error regarding financial guaranty insurance transition provisions, and to repeal certain provisions of such law relating thereto Became a law July 17, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Paragraphs 24 and 33 of subsection (a) of section 107 of the insurance law are amended to read as follows:

(24) "Institution"[. Except for the purposes of section one thousand four hundred four of this chapter, "institution") means a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or any similar entity.

(33) ["Obligation". Except for the purposes of section one thousand four hundred four of this chapter, "obligations"] "Obligations" includes bonds, debentures, notes and other evidences of indebtedness (whether or not liability for payment extends beyond the security therefor) as well as participation interests in any of the foregoing.

§ 2. Paragraphs 1 and 2 of subsection (b) of section 307 of the insurance law are amended to read as follows:

(1) Every licensed insurer, except (those) an assessment co-operative property/casualty insurance company having direct premiums written in this state of less than two hundred fifty thousand dollars in any calendar year and having less than five hundred policyholders at the end of such calendar year, shall be required to file within [six] five months of the end of such calendar year [for calendar years ending after January first, nineteen hundred eighty-four), an annual financial statement (including an annual financial statement of any subsidiary of the type described in paragraph nine of subsection (a) of section one thousand four hundred four or subparagraph (B) of paragraph four of subsection (a), of section one thousand four hundred seven of this chapter) together with an opinion thereon of an independent certified public accountant on the financial statement of such insurer and any such subsidiary, which statement and opinion shall be available for public inspection at the office of the superintendent and the principal office of the insurer. Each such insurer shall furnish the superintendent with an evaluation by such accountant of the accounting procedures and internal control systems of the insurer that are necessary to the furnishing, of the opinion. Each such insurer shall require the accountant to make available for review by the superintendent the work papers and any communications between the accountant and the insurer relating to the examination of the insurer. Any such work papers and communications made available to the superintendent shall be kept confidential, shall not be subject to subpoena and shall not be made public unless, after notice and opportunity to be heard, the superintendent determines that the interests of policyholders, stockholders or the public will be served by the publication thereof. Each such insurer shall require the accountant to notify the superintendent if the accountant has determined that the insurer has materially misstated its financial condition as reported to the superintendent or that the insurer does not meet minimum capital [and] or plus to policyholder requirements.

(2) If (appropriate,] the insurer is part of a group of insurance companies which utilizes a pooling agreement or one hundred percent reinsurance agreement that affects the solvency and integrity of such insurer's reserves and such insurer cedes all of its direct and assumed business to the pool, then such insurer may file audited consolidated or combined financial statements in lieu of separate annual audited financial statements provided that a consolidating or combining exhibit be filed that clearly reconciles amounts in the audited financial statement to the individual company annual statements. In addition, an insurer may comply by filing statements prepared in accordance with generally accepted accounting principles, provided that appropriate reconciliation is made of the differences between net income and capital and surplus

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