Assembly Bill A6771

2009-2010 Legislative Session

Relates to the investments and activities of insurance department employees

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A6771 (ACTIVE) - Details

See Senate Version of this Bill:
S4116
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §204, Ins L
Versions Introduced in 2011-2012 Legislative Session:
A3832

2009-A6771 (ACTIVE) - Summary

Relates to the investments and activities of insurance department employees.

2009-A6771 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6771

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 12, 2009
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in relation to investments and activ-
  ities of insurance department employees

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subsection  (a)  of  section  204 of the insurance law is
amended to read as follows:
  (a) Neither the superintendent, any deputy, nor any  employee  of  the
department, shall be interested, directly or indirectly, in the business
of  any  insurer,  agent,  broker,  adjuster,  or  other licensee of the
department, whether as a security holder, director,  officer,  attorney,
agent,  or  employee.    NOTHING  IN  THIS SECTION SHALL BE CONSTRUED TO
PROHIBIT THE SUPERINTENDENT, ANY DEPUTY, OR ANY EMPLOYEE OF THE  DEPART-
MENT  FROM OWNING SHARES OF AN INVESTMENT COMPANY (MUTUAL FUND) THAT MAY
INCIDENTALLY INVEST IN THE SECURITIES ISSUED BY ANY  LICENSEE,  PROVIDED
THAT  THE  PURPOSE OF THE INVESTMENT PORTFOLIO OF THE INVESTMENT COMPANY
MAY NOT BE TO INVEST PRIMARILY OR EXCLUSIVELY IN THE  SECURITIES  ISSUED
BY  THE  LICENSEES.  FOR  PURPOSES OF THIS SECTION, INVESTMENT COMPANIES
INCLUDE OPEN-END AND CLOSED-END INVESTMENT COMPANIES AND UNIT INVESTMENT
TRUSTS AS THOSE TERMS ARE DEFINED IN AN ACT OF  CONGRESS  ENTITLED  "THE
INVESTMENT COMPANY ACT OF 1940," AS AMENDED.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10213-01-9


              

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