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$ 449. Optional retirement program. The maximum rate of contribution that a public employer may make to an optional retirement

program on behalf of an employee who commences employment on or after July first, nineteen hundred seventy-three, shall be equal to the rate of contribution that such employer would make if such employee joined the retirement system otherwise available to him had such optional retirement program not been available; such maximum rate of contribution to the optional retirement program may, at the option of the employer, be raised to

the next whole percentage point and, if membership in two or more retirement systems, is available to such employee the contribution shall be based upon whichever one requires the higher rate of contribution, provided, however, that from January first, nineteen hundred ninety-two through June thirtieth, nineteen hundred ninety-two, such maximum rate of contribution to an optional retirement program established pursuant to sections one hundred eighty-one, three hundred ninety-one,,, and sixtytwo hundred fifty-one of the education law shall temporarily be the rates established by sections hundred eighty-two, three hundred ninety-two, and sixty-two hundred fifty-two of the education law respectively, except that on July first, nineteen hundred ninety-two, the maximum rate of 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. § 4. Subdivision b of section 515

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the retirement and social security law, as added by chapter 890 of the laws of 1976, is amended to read as follows:

b. The maximum rate of contribution that a public employer may make to an optional retirement program on behalf of an employee who, if not participating in such optional program, would be subject to the provisions of this article, shall be equal to the rate of contribution that such employer would make if such employee joined the retirement system otherwise available to him had such optional retirement program not been available. The maximum rate of contribution to the optional retirement program may, at the option of the employer, be raised to the next whole percentage point and if membership in two or more retirement systems is available to such employee the contribution shall be based upon whichever requires the higher rate of contribution, provided, however, that from January first, nineteen hundred ninety-two through June thirtieth, nineteen hundred ninety-two, such maximum rate of contribution to an optional retirement program established pursuant to sections one hundred eighty-one, three hundred ninety-one, and sixty-two hundred fifty-one of the education law shall temporarily be the rates established by sections one hundred eighty-two, three hundred ninety-two, and sixty-two hundred fifty-two of the education law respectively, except that July first, nineteen hundred ninety-two, the maximum rate of 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.

§ 5. Subdivision b of section 611 of the retirement and social security law, as added by chapter 414 of the laws of 1983, is amended to read as follows:

b. The maximum rate of contribution that a public employer may make to an optional retirement program on behalf of an employee who, if not participating in such optional program, would be subject to the provisions of this article, shall be equal to the rate of contribution that such employer would make if such employee joined the retirement system otherwise available to him had such optional retirement program not been available. The maximum rate of contribution to the optional retirement program may, at the option of the employer, be raised to the next whole percentage point and if membership in two or more retirement systems is available to such employee, the contribution shall be based upon whichever

requires the higher rate of contribution, provided, however, that from January first, nineteen hundred ninety-two through June thirtieth, nineteen hundred ninety-two, such maximum rate of contribution to an optional retirement program established pursuant to sections one hundred eighty-one, three hundred ninety-one, and sixty-two hundred fifty-one of the education law shall temporarily be the rates established by sections one hundred eighty-two, hree hundred ninety-two, and sixty-two hundred fifty-two of the education law respectively, except that

on July first, nineteen hundred ninety-two, the maximum rate of

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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 on and after January 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 available to employees. Such temporary rate of contribution would be provided for the period of January 1, 1992 through June 30, 1992 and would result in employer costs for the six month period for the State and City University 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 à 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 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,

or 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 iaw 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 in junction is not granted.

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

amended by this act shall revert to th 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 Asseinbly, 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:

11. 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 apply 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 to residential health care 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 data 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

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 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 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.

to be omitted.

(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 ASSETS AND

ACQUISITION OF CERTAIN SHARES OF INSURERS 5 3. The insurance law is amended by adding two new sections 7120 and 7121 to read as follows:

S 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 to the superintendent all documents and filings necessary to comply with paragraphs two and three of this subsection; and (5) "submit 5

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

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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 such new 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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