BILL NUMBER: S9307A
SPONSOR: STEWART-COUSINS
 
TITLE OF BILL:
An act to amend chapter 624 of the laws of 1940 incorporating the volun-
teer and exempt firemen's benevolent association of Valhalla, New York,
and providing for its powers and duties, in relation to the name and
purpose of such association and the use of foreign fire insurance premi-
um taxes
 
PURPOSE:
The purpose of this bill is to update the name of the Volunteer and
Exempt Firefighters' Association of Valhalla, NY in existing law, as
well as update the purposes and duties of the Association. Addi-
tionally, the bill updates the way funds received by the Association
from foreign fire insurance companies are collected and distributed, and
the way funds received by the Association from the Superintendent of
Financial Services of the State of New York are spent, to comply with
modem NY Insurance Law.
 
SUMMARY OF PROVISIONS:
Section 1 of the bill amends existing law to reflect the current name of
the Volunteer and Exempt Firefighters' Association of Valhalla, NY, as
well as who is eligible for membership in the Volunteer and Exempt Fire-
fighters' Association of Valhalla, NY.
Section 2 amends existing law to state the most up-to-date purposes of
the Association. Additionally, this section amends existing law to state
that a portion of the foreign fire insurance premium taxes collected by
the Association must go to the Treasure of the Firefighters' Association
of the State of New York, as required by New York Insurance Law, and the
Association must use the remaining funds only to achieve its stated
purposes.
Finally, this section amends existing law to state that the Volunteer
and Exempt Firefighters' Association of Valhalla, NY must use any funds
received from the Superintendent of Financial Services of the State of
New York, as required by New York Insurance Law, only to achieve its
stated purposes.
Section 3 is the effective date.
 
JUSTIFICATION:
This bill provides necessary amendments to existing law to ensure that
all language relating to the Volunteer and Exempt Firefighters' Associ-
ation of Valhalla, NY and New York Insurance Laws is up to date.
 
LEGISLATIVE HISTORY:
This is a new bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately; provided however, that the
amendments to section 8 of chapter 624 of the laws of 1940 made by
section two of this act shall apply to taxes due on premiums received on
and after January 1, 2024.