S T A T E O F N E W Y O R K
I N S E N A T E
January 31, 2014
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 distribution of divi-
dends by domestic stock life insurers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 1 of subsection (a) of section 4207 of the insur-
ance law, as added by chapter 442 of the laws of 2000, is amended to
read as follows:
(1) Notwithstanding paragraph two of this subsection, any domestic
stock life insurance company may distribute a dividend to its sharehold-
ers where the aggregate amount of such dividends in any calendar year
does not exceed the [lesser] GREATER of:
(A) ten percent of its surplus to policyholders as of the immediately
preceding calendar year; or
(B) its net gain from operations for the immediately preceding calen-
dar year, not including realized capital gains.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.