Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 03, 2010 |
referred to insurance delivered to assembly passed senate |
Feb 22, 2010 |
advanced to third reading |
Feb 09, 2010 |
2nd report cal. |
Feb 08, 2010 |
1st report cal.100 |
Jan 06, 2010 |
referred to insurance |
Jul 16, 2009 |
committed to rules |
Jun 03, 2009 |
advanced to third reading |
Jun 02, 2009 |
2nd report cal. |
Jun 01, 2009 |
1st report cal.509 |
Apr 13, 2009 |
referred to insurance |
Senate Bill S4116
2009-2010 Legislative Session
Sponsored By
(D, WF) 46th Senate District
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
Actions
Votes
2009-S4116 (ACTIVE) - Details
2009-S4116 (ACTIVE) - Summary
Relates to allowable investments and activities of employees of the department of insurance; allows the superintendent, any deputy or employee of the insurance department from owning shares of an investment company that may incidentally invest in securities issued to any licensee.
2009-S4116 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4116 TITLE OF BILL : An act to amend the insurance law, in relation to investments and activities of insurance department employees PURPOSE OR GENERAL IDEA OF BILL : This bill would permit employees of the Insurance Department to own shares of a mutual fund that may incidentally invest in the stock of a licensee of the Department. Ownership of shares in mutual funds that invest primarily or exclusively in the shares of licensees of the Insurance Department would be prohibited. SUMMARY OF PROVISIONS : Section 1 of the bill amends subsection (a) of Section 204 of the Insurance law to specify that the prohibition against ownership of securities or investments in licensees of the Insurance Department by Department employees is not applicable to investments in mutual investment companies (mutual funds) that my incidentally invest in the stock of a licensee of the Department An exception is provided for mutual funds that are designed to invest primarily or exclusively in the shares of licensees of the Department.
2009-S4116 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4116 2009-2010 Regular Sessions I N S E N A T E April 13, 2009 ___________ Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee 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. LBD09480-01-9
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