Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 18, 2012 |
referred to insurance |
Assembly Bill A10773
2011-2012 Legislative Session
Sponsored By
SIMOTAS
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
co-Sponsors
Vivian Cook
Peter Rivera
Matthew Titone
2011-A10773 (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1405, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A2130
2011-A10773 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10773 I N A S S E M B L Y June 18, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Simotas) -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to the foreign invest- ments of insurance companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 7 of subsection (a) of section 1405 of the insur- ance law, subparagraph (C) as amended by chapter 60 of the laws of 2008 and subparagraph (D) as amended by chapter 162 of the laws of 1999, is amended to read as follows: (7) Foreign investments. (A) Canadian investments substantially of the same types as those eligible for investment under paragraphs one through six of this subsection, provided that, after giving effect to any investment made under this subparagraph, the aggregate amount of invest- ments made under this subparagraph and then held by such insurer shall not exceed ten percent of the insurer's admitted assets, except where a greater amount is permitted under subparagraph (B) below (in which case the provisions of this subparagraph shall not be applicable). (B) In the case of any domestic insurer that is authorized to do busi- ness in a foreign country or possession of the United States of America or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in such foreign country or possession, investments in such foreign country or possession that are substantially of the same types as those eligible for investment under paragraphs one through six of this subsection; provided that, except where a greater amount is permitted under subparagraph (A) above, after giving effect to any investment in such foreign country or possession made under this subparagraph, the aggregate amount of cash in the currency of such foreign country or possession and of investments in such foreign country or possession made under this subparagraph and then held by such insurer shall not exceed one and one-half times the amount of such insurer's reserves and other obligations under such contracts or the amount which such insurer is required by law to invest in such coun- try or possession, whichever shall be greater. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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