senate Bill S2713A

Signed By Governor
2011-2012 Legislative Session

Relates to treatment of qualified financial contracts in an insurance insolvency proceeding affecting a domestic, foreign or alien insurer

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 12, 2011 approval memo.17
signed chap.600
Nov 30, 2011 delivered to governor
Jun 22, 2011 returned to senate
passed assembly
ordered to third reading rules cal.571
substituted for a6603a
Jun 20, 2011 referred to codes
delivered to assembly
passed senate
Jun 16, 2011 amended on third reading 2713a
Mar 23, 2011 advanced to third reading
Mar 22, 2011 2nd report cal.
Mar 21, 2011 1st report cal.239
Jan 31, 2011 referred to insurance

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S2713 - Details

See Assembly Version of this Bill:
A6603A
Law Section:
Insurance Law
Laws Affected:
Add §7437, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S4772, A8544

S2713 - Summary

Relates to treatment of qualified financial contracts in an insurance insolvency proceeding affecting a domestic, foreign or alien insurer.

S2713 - Sponsor Memo

S2713 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2713

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 31, 2011
                               ___________

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 the treatment of qual-
  ified  financial  contracts  in  an  insurance  insolvency  proceeding
  affecting a domestic, foreign or alien insurer

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new  section  7437
to read as follows:
  S 7437. QUALIFIED FINANCIAL CONTRACTS. (A) AS USED IN THIS SECTION:
  (1) "ACTUAL DIRECT COMPENSATORY DAMAGES" MEANS AND INCLUDES NORMAL AND
REASONABLE  COSTS  OF  COVER  OR  OTHER  REASONABLE  MEASURES OF DAMAGES
UTILIZED IN THE DERIVATIVES, SECURITIES OR OTHER MARKET FOR THE CONTRACT
AND AGREEMENT CLAIMS BUT DOES NOT INCLUDE PUNITIVE OR EXEMPLARY DAMAGES,
DAMAGES FOR LOST PROFIT OR LOST OPPORTUNITY  OR  DAMAGES  FOR  PAIN  AND
SUFFERING.
  (2)  "BUSINESS DAY" MEANS A DAY OTHER THAN A SATURDAY, A SUNDAY OR ANY
DAY ON WHICH EITHER THE NEW YORK STOCK EXCHANGE OR THE  FEDERAL  RESERVE
BANK OF NEW YORK IS CLOSED.
  (3)  "COMMODITY  CONTRACT"  MEANS:  (A) A CONTRACT FOR THE PURCHASE OR
SALE OF A COMMODITY FOR FUTURE DELIVERY ON, OR SUBJECT TO THE RULES  OF,
A  BOARD OF TRADE OR CONTRACT MARKET UNDER THE COMMODITY EXCHANGE ACT (7
U.S.C. S 1, ET SEQ.) OR A BOARD OF TRADE OUTSIDE THE UNITED STATES;  (B)
AN  AGREEMENT  THAT  IS  SUBJECT  TO  REGULATION UNDER SECTION 19 OF THE
COMMODITY EXCHANGE ACT (7 U.S.C. S 1, ET  SEQ.)  AND  THAT  IS  COMMONLY
KNOWN  TO  THE  COMMODITIES  TRADE AS A MARGIN ACCOUNT, MARGIN CONTRACT,
LEVERAGE ACCOUNT OR LEVERAGE CONTRACT; (C) AN AGREEMENT  OR  TRANSACTION
THAT  IS  SUBJECT  TO  REGULATION  UNDER  SECTION 4C(B) OF THE COMMODITY
EXCHANGE ACT (7 U.S.C. S 1, ET SEQ.) AND THAT IS COMMONLY KNOWN  TO  THE
COMMODITIES  TRADE  AS  A  COMMODITY  OPTION; (D) ANY COMBINATION OF THE
AGREEMENTS OR TRANSACTIONS REFERRED TO IN THIS PARAGRAPH; (E) ANY OPTION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05498-02-1

S2713A (ACTIVE) - Details

See Assembly Version of this Bill:
A6603A
Law Section:
Insurance Law
Laws Affected:
Add §7437, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S4772, A8544

S2713A (ACTIVE) - Summary

Relates to treatment of qualified financial contracts in an insurance insolvency proceeding affecting a domestic, foreign or alien insurer.

S2713A (ACTIVE) - Sponsor Memo

S2713A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2713--A
    Cal. No. 239

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 31, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the  Committee  on  Insurance  --  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 the treatment of qual-
  ified  financial  contracts  in  an  insurance  insolvency  proceeding
  affecting a domestic, foreign or alien insurer

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The insurance law is amended by adding a new section 7437
to read as follows:
  S 7437. QUALIFIED FINANCIAL CONTRACTS. (A) AS USED IN THIS SECTION:
  (1) "ACTUAL DIRECT COMPENSATORY DAMAGES" MEANS AND INCLUDES NORMAL AND
REASONABLE COSTS OF  COVER  OR  OTHER  REASONABLE  MEASURES  OF  DAMAGES
UTILIZED IN THE DERIVATIVES, SECURITIES OR OTHER MARKET FOR THE CONTRACT
AND AGREEMENT CLAIMS BUT DOES NOT INCLUDE PUNITIVE OR EXEMPLARY DAMAGES,
DAMAGES  FOR  LOST  PROFIT  OR  LOST OPPORTUNITY OR DAMAGES FOR PAIN AND
SUFFERING.
  (2) "BUSINESS DAY" MEANS A DAY OTHER THAN A SATURDAY, A SUNDAY OR  ANY
DAY  ON  WHICH EITHER THE NEW YORK STOCK EXCHANGE OR THE FEDERAL RESERVE
BANK OF NEW YORK IS CLOSED.
  (3) "COMMODITY CONTRACT" MEANS: (A) A CONTRACT  FOR  THE  PURCHASE  OR
SALE  OF A COMMODITY FOR FUTURE DELIVERY ON, OR SUBJECT TO THE RULES OF,
A BOARD OF TRADE OR CONTRACT MARKET UNDER THE COMMODITY EXCHANGE ACT  (7
U.S.C.  S 1, ET SEQ.) OR A BOARD OF TRADE OUTSIDE THE UNITED STATES; (B)
AN AGREEMENT THAT IS SUBJECT TO  REGULATION  UNDER  SECTION  19  OF  THE
COMMODITY  EXCHANGE  ACT  (7  U.S.C.  S 1, ET SEQ.) AND THAT IS COMMONLY
KNOWN TO THE COMMODITIES TRADE AS A  MARGIN  ACCOUNT,  MARGIN  CONTRACT,
LEVERAGE  ACCOUNT  OR LEVERAGE CONTRACT; (C) AN AGREEMENT OR TRANSACTION
THAT IS SUBJECT TO REGULATION  UNDER  SECTION  4C(B)  OF  THE  COMMODITY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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