Allows domestic insurers to make certain records available by electronic means, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3028
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2025
                                ___________
 
 Introduced  by M. of A. DILAN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law,  in  relation  to  allowing  domestic
   insurers to make certain records available by electronic means
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (a) of section 325  of  the  insurance  law,  as
 amended  by  chapter  196  of  the  laws  of 1987, is amended to read as
 follows:
   (a) Every domestic insurer and every licensed United States branch  of
 an alien insurer entered through this state shall, except as hereinafter
 provided,  keep  and  maintain at its principal office in this state its
 charter and by-laws (in the case of a United States branch a copy there-
 of) and its books of account, and if  a  domestic  stock  corporation  a
 record  containing  the  names  and  addresses  of its shareholders, the
 number and class of shares held by each and the dates when they  respec-
 tively  became  the  owners  of record thereof, and if a domestic corpo-
 ration the minutes of any meetings of its  shareholders,  policyholders,
 board  of directors and committees thereof. If any such records are kept
 in a language other than English, they shall be accompanied by  accurate
 translations  thereof.   AN INSURER MAY SATISFY THE REQUIREMENTS OF THIS
 SUBSECTION BY STORING THE AFOREMENTIONED BOOKS AND  RECORDS  ON  SERVERS
 THAT  ARE  ACCESSIBLE THROUGH THE INTERNET, ON AN INTERNAL SERVER HOSTED
 BY THE INSURER OR ONE OF ITS AFFILIATES, OR EXTERNALLY WITH A THIRD-PAR-
 TY SERVICE PROVIDER IF THEY ARE EASILY  ACCESSIBLE  FROM  THE  INSURER'S
 PRINCIPAL  OFFICE IN THIS STATE AND THE INSURER COMPLIES WITH ALL APPLI-
 CABLE STATE AND FEDERAL LAWS AND REGULATIONS.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03895-01-5