Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 18, 2014 |
referred to insurance delivered to assembly passed senate |
May 07, 2014 |
advanced to third reading |
May 06, 2014 |
2nd report cal. |
May 05, 2014 |
1st report cal.491 |
Jan 31, 2014 |
referred to insurance |
Senate Bill S6508
2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) 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
2013-S6508 (ACTIVE) - Details
2013-S6508 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6508 TITLE OF BILL: An act to amend the insurance law, in relation to distribution of dividends by domestic stock life insurers PURPOSE: This bill would amend § 4207(a) of the insurance law to revise the standard for determining when domestic stock life insurers may distribute dividends to the shareholders of domestic stock life insur- ance companies. SUMMARY OF PROVISIONS: Subsection (a) of § 4207 of the insurance law authorizes domestic stock life insurers to distribute shareholder divi- dends when such insurer does not exceed the specified threshold test provided for in the law. This bill amends § 4207(a)(1) to provide that the standard for the threshold test should be that the aggregate amount of such insurer's dividends in any calendar year must not exceed the "greater of" either: 10% of surplus to policyholders, as of the imme- diately preceding calendar year, or; its net gain from operations for the immediately preceding calendar year, excluding realized capital gains. Current law establishes this test using the "lesser of" either 10% of surplus to policyholders or net gain from operations. JUSTIFICATION: Contrary to the law in 33 other states, current New York insurance law provides that New York stock life insurers may only distribute dividends to shareholders when the aggregate amount of such dividends does not exceed the "lesser of" either: 10% of surplus to
2013-S6508 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6508 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. LBD13609-01-4
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