Bill > S07934

This bill modifies requirements for pure and group captive insurance companies that are public entities, political subdivisions, public authorities, public benefit corporations, or their subsidiaries. Specifically, these organizations will now be required to hold at least two meetings per year in the state, compared to the previous requirement of just one meeting. Additionally, their board of directors must now have a majority of members who are state residents, whereas previously only two board members needed to be state residents. The bill also introduces new reporting requirements, mandating that these types of captive insurance companies file their annual reports not just with the superintendent, but also with the governor, the temporary president of the senate, the speaker of the assembly, and the minority leaders of both legislative chambers. Furthermore, the superintendent will now be required to conduct examinations of these companies at least once every three years, and the state comptroller is authorized to conduct additional examinations if deemed necessary. These changes aim to increase transparency, local representation, and oversight of captive insurance companies with public sector connections. The bill will take effect one year after becoming law.

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https://www.nysenate.gov/legislation/bills/2025/S7934