Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 28, 2015 |
approval memo.40 signed chap.586 |
Dec 18, 2015 |
delivered to governor |
Jun 09, 2015 |
returned to senate passed assembly ordered to third reading rules cal.111 substituted for a5202b |
Jun 01, 2015 |
referred to insurance delivered to assembly passed senate |
May 27, 2015 |
amended on third reading 1380b |
May 20, 2015 |
advanced to third reading |
May 19, 2015 |
2nd report cal. |
May 18, 2015 |
1st report cal.684 |
May 13, 2015 |
print number 1380a |
May 13, 2015 |
amend and recommit to insurance |
Jan 12, 2015 |
referred to insurance |
Senate Bill S1380B
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Bill Amendments
2015-S1380 - Details
2015-S1380 - Sponsor Memo
BILL NUMBER:S1380 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 insurance companies. SUMMARY OF PROVISIONS: Subsection (a) of § 4207 of the insurance law authorizes domestic stock life insurers to distribute shareholder dividends 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 immediately 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.
2015-S1380 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1380 2015-2016 Regular Sessions I N S E N A T E January 12, 2015 ___________ 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. LBD06932-01-5
2015-S1380A - Details
2015-S1380A - Sponsor Memo
BILL NUMBER:S1380A 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. This bill also amends § 4207(a)(i) by prohibiting an ordinary dividend distribution by a domestic stock life company in a year following one where such company had an operating loss; and limiting permissible ordinary dividend distributions to 10-25% of surplus, depending on the recent financial history of the company; companies that have had a sustained period of
2015-S1380A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1380--A 2015-2016 Regular Sessions I N S E N A T E January 12, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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, NOT TO EXCEED: (I) FIFTEEN PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY PRECEDING CALENDAR YEAR, IF ITS NET GAIN FROM OPERATIONS, NOT INCLUDING REALIZED CAPITAL GAINS, HAS BEEN NEGATIVE IN ANY ONE OR MORE OF THE IMMEDIATELY PRECEDING THREE CALENDAR YEARS OR OTHERWISE (II) TWENTY-FIVE PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY PRECEDING CALENDAR YEAR; PROVIDED, HOWEVER, THAT, NOTWITHSTANDING THIS PARAGRAPH, IN NO EVENT MAY A DIVIDEND BE DISTRIBUTED WITHOUT APPROVAL OF THE SUPER- INTENDENT, IN ACCORDANCE WITH PARAGRAPH TWO OF THIS SUBSECTION, IN THE CALENDAR YEAR IMMEDIATELY FOLLOWING A CALENDAR YEAR FOR WHICH ITS NET GAIN FROM OPERATIONS, NOT INCLUDING REALIZED CAPITAL GAINS, WAS NEGATIVE. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06932-03-5
2015-S1380B (ACTIVE) - Details
2015-S1380B (ACTIVE) - Sponsor Memo
BILL NUMBER:S1380B 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 insurance companies SUMMARY OF PROVISIONS: Subsection (a) of § 4207 of the insurance law authorizes domestic stock life insurers to distribute shareholder dividends 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 immediately 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
2015-S1380B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1380--B Cal. No. 684 2015-2016 Regular Sessions I N S E N A T E January 12, 2015 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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. Subsection (a) of section 4207 of the insurance law, as amended by chapter 442 of the laws of 2000, is amended to read as follows: (a)(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, NOT TO EXCEED: (I) FIFTEEN PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY PRECEDING CALENDAR YEAR, IF ITS NET GAIN FROM OPERATIONS, NOT INCLUDING REALIZED CAPITAL GAINS, HAS BEEN NEGATIVE IN ANY ONE OR MORE OF THE IMMEDIATELY PRECEDING THREE CALENDAR YEARS OR OTHERWISE (II) TWENTY-FIVE PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY PRECEDING CALENDAR YEAR; PROVIDED, HOWEVER, THAT, NOTWITHSTANDING THIS PARAGRAPH, IN NO EVENT MAY A DIVIDEND BE DISTRIBUTED WITHOUT APPROVAL OF THE SUPER- INTENDENT, IN ACCORDANCE WITH PARAGRAPH TWO OF THIS SUBSECTION, IN THE CALENDAR YEAR IMMEDIATELY FOLLOWING A CALENDAR YEAR FOR WHICH ITS NET EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06932-04-5
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