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contribution to such optional program shall be the rate of contribution, such rate determined on an annual basis, that such employer would make if such employee had joined the retirement system otherwise available to him if such optional retirement program had not been available.

§ 6. This act shall take effect immediately and shall be deemed to have been in full force and effect and after January 1, 1992; provided that the amendments made by this act shall not affect the expiration of provisions of law due to expire pursuant to section 615 of the retirement and social security law and such amendments shall expire therewith.

FISCAL NOTE. -Sections three through five of this bill would amend the Retirement and Social Security Law to temporarily provide employer rate of contribution to the optional retirement plan (ORP) that is greater than the current maximum annual rate of contribution to such plan. The temporary rate of contribution would be based on amounts established in the Education Law, rather than the current maximum annual rate of employer contribution for the retirement plan otherwise avail. abie to employees. Such temporary rate of contribution would be provided for the period of January 1, 1992 through June 30, 1 2 and would result in employer costs for the six month period for the State and City Cniversity Systems of approximately $17.5 million greater than would be required by current statute. This fiscal note was prepared by the Division of the Budget.

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CHAPTER 23

AN ACT to amend chapter 138 of the laws of 1984, relating to authorizing

the capital district regional planning commission to apply for and accept a grant for the establishment, operation and maintenance of foreign trade zones and foreign trade súbzones, in relation to inclusion of the counties of Columbia and Greene Became a law March 27, 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. Section 1 of chapter 138 of the laws of 1984, relating to authorizing the capital district regional planning commission to apply for and accept a grant for the establishment, operation and maintenance of foreign trade zones and foreign trade subzones, as separately amended by chapters 439 and 451 of the laws of 1991, is amended to read as follows:

Section 1. The capital district regional planning.commission, hereafter referred to as the commission, may make application to the foreign trade zone board established by the act of congress, approved June 18, 1934, entitled "An Act to provide for the establishment, operation and maintenance of foreign trade zones in ports of entry of the United States, to expedite and encourage foreign commerce, and for other purposes" for a grant to the capital district region covering counties of Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga and Schenectady for the privilege to have established, operated and maintained a foreign trade zone or

and foreign trade subzones within such counties pursuant to the provisions of such act, and if such application be granted, to have established,

operated

and maintained such zone and subzones in accordance with law. The capital district regional planning commission may enter into such contracts and may appropriate such sums of money as it may deem proper, subject to the provisions of this act, towards the promotion and establishment of such zones and subzones but such commission shall not impose or incur any financial liability on behalf of the counties comprising, the capital district region without the prior approval of the legislative body of each county of the district.

§ 2. This act shall take effect immediately. EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

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CHAPTER 24

AN ACT to amend the insurance law, in relation to certain proceedings in

connection with the reorganization of a domestic mutual life insurer into domestic stock life insurer and providing for the expiration and repeal thereof

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Became a law March 27, 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:

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Section 1. Paragraph 1 of subsection (t) of section 7312 of the insurance law, as added by chapter 683 of the laws of 1988, is amended and two new paragraphs 3 and 4 are added to read as follows:

(1) [Any] Except as otherwise provided in paragraph three of this subsection, any action challenging the validity of or arising out

of

acts taken proposed to

be taken under this section must be commenced within one year after a copy of the plan of reorganization, with the superintendent's approval endorsed thereon, shall be filed in the office of the superintendent or six months from the effective date of the reorganization, whichever is later, if the plan of reorganization is withdrawn, within six months of such withdrawal.

(3) Any action or proceeding against the superintendent or any other body or officer in connection with any act taken or order, regulation or rule issued pursuant to this section must be commenced within thirty days from the date of such act or signing of such order, regulation rule provided, however, that the thirty-day period for the commencement of a proceeding challenging any order approving a plan of reorganization pursuant to subsection (j) of this section shall not begin until the superintendent receives a certificate of mailing of notice to each policyholder entitled to notice of the hearing in accordance with paragraph three of subsection (e) of this section, at such policyholder's last known address as shown on the records of the mutual life insurer, notifying the policyholder of the commencement and duration of the time to challenge such order. The form and content of such notice shall have been approved by the superintendent. Nothing in this section shall create any new or separate cause of action.

(4) Any person aggrieved by any act taken or order, regulation or rule issued pursuant to this section may petition for judicial review in the manner provided by article seventy-eight of the civil practice law and rules, pursuant to the limitations period prescribed in paragraph three of this subsection. The petition shall be brought in the appellate division of the supreme court in the judicial department embracing the county, wherein the act was taken or the order, regulation or rule was issued. The jurisdiction of the appellate division of the supreme court shall be exclusive and its judgment and order shall be final subject to review by the court of appeals in the same manner and form and with the

effect as provided for appeals in a special proceeding. All such proceedings shall be heard and determined by the appellate division and by the court of, appeals as expeditiously as possible and with lawful precedence over other matters. Acts taken

orders,

regulations rules issued pursuant to this section shall not be stayed or enjoined except upon application to the appellate division after notice to the superintendent and to the attorney general and upon a showing that the petitioner has a substantial likelihood of success and will suffer irreparable harm if the stay or injunction is not granted.

$ 5 2. This act shall take effect immediately and shall expire and be deemed repealed on January 1, 1993, upon which date the provisions

of law amended by this act shail revert to the text as set out prior to its effective date.

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CHAPTER 25

AN ACT to amend the public health law, in relation to residential health

care facility reimbursement

Became a law March 27, 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. Section 2808 of the public health law is amended by adding a new subdivision 11 to read as follows:

il. Residential health care facility reimbursement rate promulgation. With regard to a residential health care facility, the provisions

of paragraph (a) of subdivision seven of section twenty-eight' hundred seven of this article relating to advance notification of rates shall not

apo ply to prospective or retroactive adjustments to rates that are based on rate appeals filed by such facility, audits, changes in patient conditions or acuity levels, the correction of errors or omissions of data or errors in the computations of such rates, the submission of cost report data from facilities without an established cost basis or as otherwise authorized by law.

§ 2 This act shall take effect immediately and shall be deemed to have applied to all prior prospective or retrospective adjustments residential health

facility rates that are based on rate appeals filed by such facility, audits, changes in patient conditions or acuity levels and the correction of errors or omissions of data or errors in the computation of such rates and for the purposes of prospective retrospective adjustments to rates that are based upon the submission of costs report dată from residential health care facilities without an established cost basis shall apply to rate adjustments or rate appeals processed on or after August 30, 1991.

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CHAPTER 26

AN ACT to amend the insurance law, in relation to permitting foreign

insurers to transfer their corporate domicile to this state

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Became a law March 27, 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. Section 7105 of the insurance law is amended to read as follows:

§ 7105. Approval by superintendent. (a) Upon the adoption of an agreement of merger or consolidation, or an agreement for the acquisition of assets, the proposed agreement shall be executed by the president and attested by the secretary, or officers corresponding to either of them, under the corporate seal of each of the constituent or contracting companies. A certified copy of such agreement, together with a certificate of its adoption as provided for herein, subscribed by such officers and affirmed by them as true under the penalties of perjury and EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

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under the seal of their respective companies, shall be submitted to the superintendent for his approval. The superintendent shall thereupon consider such agreement, and if satisfied that it complies with this article, is fair and equitable, does not tend to substantially lessen competition in any line of insurance or tend to create a monopoly therein and is not inconsistent with law, he shall approve such agreement. If the superintendent shall refuse to approve such agreement, notification of such refusal, assigning the reasons therefor, shall within thirty days from the date of submission to him of such agreement be given in writing by the superintendent to each of the constituent or contracting companies. No agreement shall take effect unless the approval of the superintendent has been obtained.

(b) In the event any domestic life insurance company submits to the superintendent for his approval an agreement of merger or consolidation pursuant to this section, the superintendent may extend the five year interval for examination prescribed by section three hundred nine of this chapter for an additional one year interval.

§ 2. The title of article 71 of the insurance law is amended to read as follows:

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MERGER, CONSOLIDATION, REDOMESTICATION, ACQUISITION OF

AND ACQUISITIỎN OF CERTAIN SHARES OF INSURERS S 3. The insurance law is amended by adding two new sections 7120 and 7121 to read as follows:

5 7120. Redomestication of foreign life insurance companies. (a) Definitions. In this section :

(1) "Redomestication" means the transfer to this state of the corporate domicile of an authorized foreign life insurance company provided for in this section.

(2) "Transferring, insurer" means any authorized foreign life insurance company seeking redomestication.

(b) A transferring, insurer shall;

(1) file with the superintendent certificate in such form as prescribed by the superintendent signed by the insurance supervisory of ficial of the state where such transferring insurer is domiciled approving the proposed redomestication and confirming that upon redomestication the transferring insurer shall no longer be subject as a domestic insurer to the requirements of its current state of domicile;

(2) comply with the applicable requirements of this chapter regarding the organization and licensing of a domestic stock or mutual life insurance company;

(3) demonstrate to the satisfaction of the superintendent that upon redomestication, the transferring, insurer will be in compliance with the requirements of this chapter and any regulations promulgated thereunder applicable to a domestic stock or mutual life insurance company the case may be;

(4) submit (4

to the superintendent all documents and filings necessary to comply with paragraphs two and three of this subsection; and

(5) submit new policy forms to the superintendent' for use after redomestication, if so ordered by the superintendent,

existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by the superintendent,

(C) After the transferring insurer has complied with the provisions of this section, the superintendent may, in accordance with section thousand

hundred two of this chapter issue a new license to the transferring, insurer to reflect the change in its state of corporate domicile. The duration of its license shall be governed by section one thousand one hundred three of this chapter. Upon issuance of such license the redomestication shall become effective and the transferring insurer shall be a domestic insurer.

(d) Simultaneous with the redomestication taking effect:

(1) all materials and documents that were submitted to the superintendent by the transferring, insurer pursuant to the requirements of this section shall be filed in the office of the superintendent; and

(2) the superintendent shall, in accordance with section one thousand two hundred one of this chapter issue to the insurer a certified copy of its

declaration and charter and certificate of incorporation. The new charter of the insurer may provide for the continuation of the corporate existence of the transferring insurer and in such case the original date of incorporation of the transferring insurer shall be the date of incorporation of the new domestic insurer.

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(e) All outstanding insurance policies and contracts shall remain in full force and effect with no change and need not be endorsed as to the Dew name of the company, if any, or its new location unless ordered by the superintendent.

(f) 'All agents' appointments and licenses, rates, and other items which the superintendent allows, existing at the time of redomestication, shall continue in full force and effect in accordance with applicable provisions of this chapter.

§ 7121. Effects upon guaranty corporations of certain events. (a) No donestic life insurance company which became a domestic insurer in

accordance with section seven thousand one hundred twenty of this article shall, except as provided in paragraph two of subsection (c) of this section, at

any time

be deemed to be a member company of The Life Insurance Guaranty Corporation provided for in article seventy-five of this chapter.

(b) No benefits for any person shall arise or be increased or decreased under article seventy-five article seventy-seven of this chapter

a result of the redomestication of a foreign life insurer pursuant to section seven thousand one hundred twenty of this article. (c)(1) NO No merger

or consolidation between a domestic life insurance company which is a member company of The Life Insurance Guaranty Corporation

and domestic life insurance company which is not a member company of The Life Insurance Guaranty Corporation shall result in any increase decrease of the protection provided under article seventyfive of this chapter to the policies or contracts of the member company: No policy contract issued by a non-member company prior to such zerger or consolidation shall receive the protection provided under ticle seventy-five of this chapter a result of such merger or consolidation.

(2) If the surviving or consolidated_company of any such merger or consolidation is not a member company of The Life Insurance Guaranty Corporation, the surviving or consolidated company shall be deemed to be a peaber company of The Life Insurance Guaranty Corporation and shall be subject to any assessment levied against member companies pursuant to section seven thousand five hundred four of this chapter in proportion to the surviving or consolidated company's total admitted assets as shown in its annual statement for the year next preceding the date of such assessment; provided, however, in the event that an assessment is levied against the surviving consolidated company the year such berger or

consolidation is consummated, the surviving or consolidated company shall be assessed in proportion to the admitted assets of

its constituent member company shown in such member company's annual statement for the year next preceding the date of such assessment.

§ 4. This act shall take effect immediately.

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CHAPTER 27

AN ACT to amend the agriculture and markets law, in relation to the

definition of "crops, livestock and livestock products" Became a law March 27, 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. Paragraph e of subdivision 2 of section 301 of the agriculture and markets law, as added by chapter 774 of the laws of 1987, is amended to read as follows:

Livestock and livestock products, including cattle, sheep, hogs, goats, horses, poultry, farmed deer, farmed buffalo, fur bearing animals milk, eggs and furs.

§ 2. This act shall take effect immediately. EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

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