senate Bill S6507A

Signed By Governor
2011-2012 Legislative Session

Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation

download bill text pdf

Sponsored By

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
Jul 18, 2012 signed chap.217
Jul 06, 2012 delivered to governor
May 21, 2012 returned to senate
passed assembly
ordered to third reading cal.600
substituted for a9607
Mar 30, 2012 referred to insurance
Mar 29, 2012 delivered to assembly
passed senate
ordered to third reading cal.479
reported and committed to rules
Mar 16, 2012 print number 6507a
amend (t) and recommit to finance
Mar 05, 2012 reported and committed to finance
Feb 17, 2012 referred to insurance

S6507 - Details

See Assembly Version of this Bill:
A9607
Law Section:
Insurance Law
Laws Affected:
Amd §7709, Ins L; amd §1511, Tax L

S6507 - Summary

Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation for the purposes of determining assessments on insurers.

S6507 - Sponsor Memo

S6507 - Bill Text download pdf

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

                                  6507

                            I N  S E N A T E

                            February 17, 2012
                               ___________

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  life  insurance
  company guaranty corporation of New York

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

  Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
ance law, as added by chapter 802 of the laws of  1985,  is  amended  to
read as follows:
  (1)  The  total assessment against all member insurers for all impair-
ments and insolvencies, less the amount of refunds (not including inter-
est) to member insurers pursuant to  subsection  (f)  of  this  section,
shall not exceed five hundred SEVENTY-FIVE million dollars.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14723-01-2

Co-Sponsors

S6507A (ACTIVE) - Details

See Assembly Version of this Bill:
A9607
Law Section:
Insurance Law
Laws Affected:
Amd §7709, Ins L; amd §1511, Tax L

S6507A (ACTIVE) - Summary

Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation for the purposes of determining assessments on insurers.

S6507A (ACTIVE) - Sponsor Memo

S6507A (ACTIVE) - Bill Text download pdf

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

                                 6507--A

                            I N  S E N A T E

                            February 17, 2012
                               ___________

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  and  committed  to  the Committee on
  Finance -- committee discharged, bill amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN  ACT  to  amend the insurance law and the tax law, in relation to the
  life insurance company guaranty corporation of New York

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

  Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
ance  law,  as  added  by chapter 802 of the laws of 1985, is amended to
read as follows:
  (1) The total assessment against all member insurers for  all  impair-
ments and insolvencies, less the amount of refunds (not including inter-
est)  to  member  insurers  pursuant  to subsection (f) of this section,
shall not exceed five hundred million dollars, EXCEPT THAT WITH  RESPECT
TO  A  MEMBER  INSURER  THAT  IS A DOMESTIC INSURER AND IS SUBJECT TO AN
ORDER OF REHABILITATION UNDER ARTICLE SEVENTY-FOUR OF THIS CHAPTER AS OF
MARCH FIRST TWO THOUSAND TWELVE, SUCH ASSESSMENT  LIMIT  SHALL  BE  FIVE
HUNDRED  FIFTY-EIGHT  MILLION DOLLARS; PROVIDED, HOWEVER, THAT SUCH FIVE
HUNDRED FIFTY-EIGHT MILLION DOLLAR LIMIT SHALL BE SUBJECT  TO  REDUCTION
IN  AN  AMOUNT,  IF ANY, DETERMINED BY THE SUPERINTENDENT, ON A DATE NOT
EARLIER THAN TWELVE MONTHS AFTER THE ENTRY OF AN  ORDER  OF  LIQUIDATION
WITH  RESPECT  TO SUCH DOMESTIC INSURER, TO BE NOT NEEDED FOR THE CORPO-
RATION TO BE ABLE TO PAY ITS  OBLIGATIONS  AND  REASONABLE  EXPENSES  IN
CONNECTION  WITH  THE  LIQUIDATION  OF  SUCH DOMESTIC INSURER, BUT IN NO
EVENT SHALL SUCH REDUCTION EXCEED FIFTY-EIGHT MILLION DOLLARS.
  S 2. Paragraph 1 of subdivision (f) of section 1511 of the tax law, as
amended by chapter 803 of the laws  of  1985,  is  amended  to  read  as
follows:
  (1)  The  maximum  authorized credit for each taxpayer shall be deter-
mined as provided in [subsection (a) of] section  seven  thousand  seven
hundred twelve of the insurance law.
  S 3. This act shall take effect immediately.

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

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