Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to insurance |
Apr 27, 2009 |
referred to insurance |
Senate Bill S4769
2009-2010 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - In Senate Committee Insurance 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
2009-S4769 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1308, Ins L
2009-S4769 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4769 TITLE OF BILL : An act to amend the insurance law, in relation to revising the provisions relating to reinsurance by domestic life insurance companies PURPOSE OR GENERAL IDEA OF BILL : The purpose of this bill is to amend the insurance law to amend the section of law that prohibits domestic life insurers from reinsuring the entire of a risk on any individual or joint lives. SUMMARY OF PROVISIONS : This bill amends § 1308(f)(1)(A) of the insurance law by removing item (i) (and deleting a reference to item ii) contained in subparagraph (A). Item (i) currently prohibits domestic life insurers from reinsuring the entire of a risk on any individual or joint lives unless permitted by the Superintendent of Insurance. This subparagraph retains a prohibition against domestic insurers reinsuring a substantial portion of its in-force life insurance. JUSTIFICATION : This bill would remove a provision of current law that prohibits domestic life insurers from reinsuring the entire of a risk on any individual or joint lives, unless the Superintendent permits such
2009-S4769 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4769 2009-2010 Regular Sessions I N S E N A T E April 27, 2009 ___________ Introduced by Sen. BRESLIN -- 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 revising the provisions relating to reinsurance by domestic life insurance compa- nies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (A) of paragraph 1 of subsection (f) of section 1308 of the insurance law is amended to read as follows: (A) No domestic life insurance company shall [(i) reinsure its whole risk on any individual life or joint lives, or (ii)] reinsure a substan- tial portion of its life insurance in force. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11297-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.