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S5311 • 2025

Relates to mortgage guaranty insurance

Relates to mortgage guaranty insurance

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Jamaal Bailey
Last action
2026-06-03
Official status
In Assembly Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Relates to mortgage guaranty insurance

Relates to mortgage guaranty insurance 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.

What This Bill Does

  • Relates to mortgage guaranty insurance 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.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-06-03 Senate

    PASSED SENATE

  2. 2026-06-03 Senate

    DELIVERED TO ASSEMBLY

  3. 2026-06-03 Assembly

    REFERRED TO INSURANCE

  4. 2026-04-22 Senate

    ADVANCED TO THIRD READING

  5. 2026-04-21 Senate

    2ND REPORT CAL.

  6. 2026-04-20 Senate

    1ST REPORT CAL.702

  7. 2026-01-07 Senate

    REFERRED TO INSURANCE

  8. 2025-06-13 Senate

    COMMITTED TO RULES

  9. 2025-03-05 Senate

    ADVANCED TO THIRD READING

  10. 2025-03-04 Senate

    2ND REPORT CAL.

  11. 2025-03-03 Senate

    1ST REPORT CAL.424

  12. 2025-02-20 Senate

    REFERRED TO INSURANCE

Official Summary Text

Relates to mortgage guaranty insurance
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.

Current Bill Text

Read the full stored bill text 
S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          5311

                               2025-2026 Regular Sessions

                                    I N  S E N A T E

                                    February 20, 2025
                                       ___________

        Introduced  by  Sen.  BAILEY -- 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  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