senate Bill S4093

2011-2012 Legislative Session

Relates to qualified trusts and qualified reserve credits; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to insurance
Mar 17, 2011 referred to insurance

Co-Sponsors

S4093 - Details

See Assembly Version of this Bill:
A3905
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง6901, 6902 & 6903, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S8092A, A11342A

S4093 - Summary

Relates to qualified trusts and qualified reserve credits.

S4093 - Sponsor Memo

S4093 - Bill Text download pdf

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

                                  4093

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 17, 2011
                               ___________

Introduced  by  Sen. MARTINS -- 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 qualified  trusts  and
  qualified  reserve  credits;  and  providing  for  the  repeal of such
  provisions upon expiration thereof

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

  Section  1.  Subsection  (d)  of section 6901 of the insurance law, as
added by chapter 48 of the laws of 1989, is amended to read as follows:
  (d) "Aggregate net liability" means the aggregate  amount  of  insured
unpaid principal, interest and other monetary payments, if any, of guar-
antied  obligations  insured  or  assumed,  less  reinsurance ceded [and
less], collateral AND QUALIFIED RESERVE CREDITS.
  S 2. Section 6901 of the insurance law is amended by  adding  two  new
subsections (t) and (u) to read as follows:
  (T)  "QUALIFIED  TRUST"  MEANS A TRUST THAT IS ENGAGED OR ORGANIZED TO
ENGAGE EXCLUSIVELY IN THE  ACQUISITION  AND  MANAGEMENT  OF  INVESTMENTS
AVAILABLE  FIRST FOR THE PAYMENT OF LOSSES AND CLAIMS OF A SINGLE FINAN-
CIAL GUARANTY INSURANCE CORPORATION.
  (U) "QUALIFIED RESERVE CREDIT" MEANS, WITH RESPECT TO  INVESTMENTS  IN
WHICH  THE  INTERESTS  OF  THE  QUALIFIED TRUST ARE LIMITED TO RIGHTS TO
PRINCIPAL, INTEREST OR OTHER PAYMENTS FROM SUCH INVESTMENTS, THE PRESENT
VALUE OF AMOUNTS RECEIVABLE BY  THE  QUALIFIED  TRUST  FROM  INVESTMENTS
GIVEN  A  DESIGNATION  OF  ONE BY THE SECURITIES VALUATION OFFICE OF THE
NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS.
  S 3. Section 6902 of the insurance law is amended by adding three  new
subsections (c), (d) and (e) to read as follows:
  (C)  IN  DETERMINING  THE FINANCIAL CONDITION OF A DOMESTIC OR FOREIGN
FINANCIAL GUARANTY INSURANCE CORPORATION FOR THE PURPOSES OF THIS  CHAP-
TER,  IN  ADDITION TO THE ASSETS SET FORTH IN SECTION ONE THOUSAND THREE
HUNDRED ONE OF THIS CHAPTER, THERE SHALL BE ALLOWED AS AN ADMITTED ASSET

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05170-01-1

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