Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 17, 2012 |
signed chap.398 |
Aug 06, 2012 |
delivered to governor |
Jun 20, 2012 |
returned to assembly passed senate 3rd reading cal.998 substituted for s7306b |
Jun 18, 2012 |
referred to rules delivered to senate passed assembly ordered to third reading rules cal.333 rules report cal.333 reported |
Jun 15, 2012 |
amend and recommit to rules 10532a |
Jun 14, 2012 |
reported referred to rules |
Jun 04, 2012 |
referred to insurance |
Assembly Bill A10532
Signed By Governor2011-2012 Legislative Session
Sponsored By
MORELLE
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2011-A10532 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§1401 & 1410, Ins L
2011-A10532 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10532 I N A S S E M B L Y June 4, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Morelle) -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to derivative trans- actions and derivative instruments THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 1401 of the insurance law is amended by adding three new paragraphs 19, 20 and 21 to read as follows: (19) "OVER THE COUNTER DERIVATIVE INSTRUMENT" MEANS A DERIVATIVE INSTRUMENT WHICH IS AUTHORIZED UNDER THIS CHAPTER OTHER THAN A DERIVA- TIVE INSTRUMENT (A) CLEARED THROUGH A UNITED STATES OR FOREIGN CLEARING- HOUSE OR (B) TRADED ON OR THROUGH A UNITED STATES OR FOREIGN EXCHANGE PROVIDING CLEARING SERVICES. (20) "CLEARINGHOUSE" MEANS A DERIVATIVES CLEARING ORGANIZATION WHICH ACTS AS A MEDIUM FOR CLEARING, OR EFFECTING SETTLEMENTS OF, DERIVATIVE INSTRUMENTS SUCH THAT THE CLEARINGHOUSE IS SUBSTITUTED AS THE OTHER PARTY TO THE DERIVATIVE TRANSACTION. (21) "MASTER AGREEMENT" MEANS A WRITTEN MASTER AGREEMENT RELATING TO DERIVATIVES TRANSACTIONS THAT PROVIDES FOR NETTING OF PAYMENTS OWED BY THE RESPECTIVE PARTIES, AND THE DOMICILIARY JURISDICTION OF THE COUNTER- PARTY IS EITHER WITHIN THE UNITED STATES OR IF NOT WITHIN THE UNITED STATES, WITHIN A FOREIGN (NOT UNITED STATES) JURISDICTION DEEMED BY THE SECURITIES VALUATION OFFICE OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, OR ANY SUCCESSOR OFFICE ESTABLISHED BY THE NATIONAL ASSO- CIATION OF INSURANCE COMMISSIONERS, AS ELIGIBLE FOR NETTING. S 2. Subsection (f) of section 1410 of the insurance law, as added by chapter 650 of the laws of 1998, is amended to read as follows: (f)(1) The counterparty exposure under [a] AN OVER THE COUNTER deriva- tive instrument entered into by an insurer authorized to engage in tran- sactions pursuant to this section shall be deemed to be an obligation of the institution to which the insurer is exposed to credit risk and shall be included in determining compliance with any single or aggregate quan- titative limitation on investments made by an insurer under this chap- ter. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
Thomas Abinanti
Crystal Peoples-Stokes
William A. Barclay
Michael Simanowitz
2011-A10532A (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§1401 & 1410, Ins L
2011-A10532A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10532--A I N A S S E M B L Y June 4, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Morelle) -- read once and referred to the Committee on Insurance -- reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules AN ACT to amend the insurance law, in relation to derivative trans- actions and derivative instruments THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (f) of section 1410 of the insurance law, as added by chapter 650 of the laws of 1998, is amended to read as follows: (f)(1) The counterparty exposure under [a] AN OVER THE COUNTER deriva- tive instrument entered into by an insurer authorized to engage in tran- sactions pursuant to this section shall be deemed to be an obligation of the institution to which the insurer is exposed to credit risk and shall be included in determining compliance with any single or aggregate quan- titative limitation on investments made by an insurer under this chap- ter. (2) Notwithstanding any single or aggregate quantitative limitation on investments made by an insurer under this chapter, AN INSURER MAY ONLY TRANSACT AN OVER THE COUNTER DERIVATIVE INSTRUMENT WITH: (A) A QUALIFIED COUNTERPARTY; OR (B) A COUNTERPARTY OTHER THAN A "QUALIFIED COUNTERPARTY" IF, AFTER GIVING EFFECT TO THAT TRANSACTION, the aggregate counterparty exposure OF THE INSURER under one or more OVER THE COUNTER derivative [trans- actions] INSTRUMENTS to: [(A) any single counterparty, other than a "qualified counterparty", shall be limited to one] (I) THAT NON-QUALIFIED COUNTERPARTY DOES NOT EXCEED ONE percent of [an] THE insurer's admitted assets; and [(B)] (II) all counterparties, other than qualified counterparties, [are limited to] DOES NOT EXCEED three percent of [an] THE insurer's admitted assets. (3) For purposes of this section: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15578-05-2
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