Assembly Bill A3255

2011-2012 Legislative Session

Provides that employees of the insurance department may indirectly invest in insurance companies through certain investment companies

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • 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

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2011-A3255 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง204, Ins L
Versions Introduced in 2009-2010 Legislative Session:
A4823

2011-A3255 (ACTIVE) - Summary

Provides that employees of the insurance department may indirectly invest in insurance companies through certain investment companies.

2011-A3255 (ACTIVE) - Bill Text download pdf 

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

                                  3255

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            January 24, 2011
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in relation to investments and activ-
  ities of insurance department employees

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

  Section  1.  Subsection  (a)  of  section  204 of the insurance law is
amended and a new subsection (c) is added to read as follows:
  (a) Neither the superintendent, any deputy, nor any  employee  of  the
department, shall be interested, directly or indirectly, in the business
of  any  insurer,  agent,  broker,  adjuster,  or  other licensee of the
department, whether as a security holder, director,  officer,  attorney,
agent,  or  employee.  NOTHING  IN  THIS  SECTION  SHALL BE CONSTRUED TO
PROHIBIT THE SUPERINTENDENT, ANY DEPUTY, OR ANY EMPLOYEE OF THE  DEPART-
MENT  FROM OWNING SHARES OF AN INVESTMENT COMPANY (MUTUAL FUND) THAT MAY
INCIDENTALLY INVEST IN THE STOCK OF  ANY  LICENSEE,  PROVIDED  THAT  THE
PURPOSE OF THE INVESTMENT PORTFOLIO OF THE INVESTMENT COMPANY MAY NOT BE
TO  INVEST  PRIMARILY  OR  EXCLUSIVELY  IN  THE SHARES OF LICENSEES. FOR
PURPOSES OF THIS SECTION,  INVESTMENT  COMPANIES  INCLUDE  OPEN-END  AND
CLOSED-END  INVESTMENT  COMPANIES  AND  UNIT  INVESTMENT TRUSTS AS THOSE
TERMS ARE DEFINED IN AN ACT OF CONGRESS ENTITLED "THE INVESTMENT COMPANY
ACT OF 1940," AS AMENDED.
  (C) THE SUPERINTENDENT MAY DETERMINE, UPON APPLICATION OF  ANY  DEPUTY
OR  EMPLOYEE  OF  THE DEPARTMENT, THAT A CLASS OF INTEREST OR PARTICULAR
INTEREST IS, OR WOULD BE, OF SO INDIRECT A NATURE AS NOT TO  BE  SUBJECT
TO  SUBSECTION  (A) OF THIS SECTION. IN MAKING THAT DETERMINATION, OR IN
REFUSING TO MAKE THAT DETERMINATION, THE SUPERINTENDENT  SHALL  CONSIDER
THE  NATURE  AND VALUE OF SUCH INTEREST, THE APPLICANT'S POSITION WITHIN
THE DEPARTMENT, AND ANY OTHER  FACTORS  THAT  THE  SUPERINTENDENT  DEEMS
RELEVANT. SUCH DETERMINATION SHALL SPECIFY IN WRITING THE REASONS THERE-
FOR.
  S 2. 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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