S T A T E O F N E W Y O R K
I N S E N A T E
February 17, 2012
Introduced by Sen. SEWARD -- 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 the life insurance
company guaranty corporation of New York
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
ance law, as added by chapter 802 of the laws of 1985, is amended to
read as follows:
(1) The total assessment against all member insurers for all impair-
ments and insolvencies, less the amount of refunds (not including inter-
est) to member insurers pursuant to subsection (f) of this section,
shall not exceed five hundred SEVENTY-FIVE million dollars.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.