senate Bill S7561

2011-2012 Legislative Session

Relates to obligations for certain taxes by captive insurance companies

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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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 recommitted to rules
Jun 20, 2012 ordered to third reading cal.1393
committee discharged and committed to rules
Jun 04, 2012 referred to insurance

Votes

view votes

Jun 20, 2012 - Rules committee Vote

S7561
23
0
committee
23
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S7561 - Details

See Assembly Version of this Bill:
A10531
Law Section:
Insurance Law
Laws Affected:
Add ยง7013, Ins L

S7561 - Summary

Relates to obligations for certain taxes by captive insurance companies.

S7561 - Sponsor Memo

S7561 - Bill Text download pdf

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

    S. 7561                                                 A. 10531

                      S E N A T E - A S S E M B L Y

                              June 4, 2012
                               ___________

IN  SENATE  --  Introduced  by  Sen.  McDONALD -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Insur-
  ance

IN  ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M. of
  A. Canestrari) -- read once and referred to the Committee on Insurance

AN ACT to amend the  insurance  law,  in  relation  to  obligations  for
  certain taxes

  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  7013
to read as follows:
  S  7013.  OBLIGATIONS  FOR CERTAIN TAXES. CAPTIVE INSURANCE COMPANIES,
NOT INCLUDING OVERCAPITALIZED CAPTIVE INSURANCE COMPANIES AS DEFINED  IN
SUBDIVISION  ELEVEN  OF SECTION TWO OF THE TAX LAW, LICENSED PURSUANT TO
THE PROVISIONS OF THIS ARTICLE AND OPERATING UNDER THIS ARTICLE  OR  THE
APPLICABLE  PROVISIONS OF THIS CHAPTER ON OR AFTER THE EFFECTIVE DATE OF
THIS ARTICLE AND CEASING TO OPERATE UNDER SUCH LICENSE  AS  OF  DECEMBER
THIRTY-FIRST,  TWO  THOUSAND  ELEVEN SHALL BE CONSIDERED AND TREATED FOR
TAX PURPOSES AS AN ADMITTED LICENSED INSURER AND ALL  PREMIUMS  PAID  TO
SUCH  CAPTIVE  INSURANCE COMPANIES SHALL BE DEDUCTIBLE IN FULL BY AFFIL-
IATED ENTITIES SUBJECT TO TAX UNDER ARTICLE NINE-A OF THE TAX LAW.   THE
SUPERINTENDENT SHALL CERTIFY TO THE COMMISSIONER OF TAXATION AND FINANCE
THAT  EACH  CAPTIVE  INSURER  WHICH  HAS  BEEN SO LICENSED AND UNDER THE
JURISDICTION OF THE DEPARTMENT OF FINANCIAL SERVICES WAS OPERATING AS  A
DULY  LICENSED  INSURER  DURING  THIS  PERIOD, INCLUDING HAVING PAID ALL
ASSESSMENTS AND EXAMINATION FEES, AND ALL PREMIUM AND FRANCHISE TAXES.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16083-02-2

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