senate Bill S7310

2011-2012 Legislative Session

Relates to admitted assets for annuity risk where a single premium annuity contract has been purchased

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Archive: Last Bill Status - Passed Senate


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2012 referred to insurance
delivered to assembly
passed senate
May 23, 2012 advanced to third reading
May 22, 2012 2nd report cal.
May 21, 2012 1st report cal.844
May 02, 2012 referred to insurance

Votes

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S7310 - Details

See Assembly Version of this Bill:
A10535
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd ยง1110, Ins L

S7310 - Summary

Relates to admitted assets for annuity risk where a single premium annuity contract has been purchased.

S7310 - Sponsor Memo

S7310 - Bill Text download pdf

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

                                  7310

                            I N  S E N A T E

                               May 2, 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  admitted  assets  for
  annuity  risk  where  a  single  premium  annuity  contract  has  been
  purchased

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

  Section  1.  Subsection  (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 OR FOR
ALL OR ANY PORTION OF AN ANNUITY RISK WHERE SUCH CORPORATION OR  ASSOCI-
ATION HAS PURCHASED A SINGLE PREMIUM ANNUITY CONTRACT FROM A LIFE INSUR-
ANCE  COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE TO FUND SUCH RISK.
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 bene-
fits.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15567-02-2

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