senate Bill S5213

2011-2012 Legislative Session

Relates to investments by charitable gift annuity corporations or associations

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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to insurance
Jun 24, 2011 committed to rules
Jun 06, 2011 advanced to third reading
Jun 02, 2011 2nd report cal.
Jun 01, 2011 1st report cal.901
May 03, 2011 referred to insurance

Votes

view votes

Jun 1, 2011 - Insurance committee Vote

S5213
15
0
committee
15
Aye
0
Nay
2
Aye with Reservations
1
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Jun 1, 2011

aye wr (2)
absent (1)

Co-Sponsors

S5213 - Details

See Assembly Version of this Bill:
A7951
Law Section:
Insurance Law
Laws Affected:
Amd §1110, Ins L

S5213 - Summary

Relates to investments by charitable gift annuity corporations or associations.

S5213 - Sponsor Memo

S5213 - Bill Text download pdf

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

                                  5213

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 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 investments by  chari-
  table gift annuity corporations or associations

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

  Section 1. Subdivision (b) of section 1110 of the  insurance  law,  as
amended  by  chapter  419  of  the  laws  of 2001, is amended to read as
follows:
  (b) Every such domestic  corporation  or  association  shall  maintain
admitted  assets  at  least  equal  to the greater of (i) the sum of its
reserves on its outstanding agreements, calculated  in  accordance  with
section  four  thousand  two  hundred  seventeen  of this chapter, and a
surplus of ten per centum of such reserves, or (ii) the  amount  of  one
hundred thousand dollars. In determining such reserves a deduction shall
be  made for all or any portion of an annuity risk which is reinsured by
a life insurance company authorized to do business in  this  state.  The
required  admitted  assets  shall  be  invested  in  accordance with the
prudent investor standard as defined in section 11-2.3 of  the  estates,
powers and trusts law and shall not be subject to the investment limita-
tions  set  forth  in  this  chapter. Such assets shall be segregated as
separate and distinct funds, independent of  all  other  funds  of  such
corporation  or  association,  and shall not be applied to pay its debts
and  obligations  or  for  any  purpose  except  the  aforesaid  annuity
benefits;  PROVIDED  HOWEVER,  THE CORPORATION OR ASSOCIATION MAY INVEST
AND MANAGE THE ADMITTED ASSETS IN COMBINATION WITH OTHER ASSETS  OF  THE
ORGANIZATION, PROVIDED FURTHER, THAT THERE IS A SEPARATE CUSTODY ACCOUNT
FOR THE INTEREST OF THE ADMITTED ASSETS IN ANY SUCH COMBINED FUND.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11425-01-1

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.