Senate Bill S6508

2013-2014 Legislative Session

Relates to the distribution of dividends

download bill text pdf

Sponsored By

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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2013-S6508 (ACTIVE) - Details

See Assembly Version of this Bill:
A9072
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2015-2016 Legislative Session:
S1380, A5202

2013-S6508 (ACTIVE) - Summary

Relates to the distribution of dividends by any domestic life insurance company and limits the aggregate amount of such dividends in any calendar year.

2013-S6508 (ACTIVE) - Sponsor Memo

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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