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Assembly Bill A7951

2011-2012 Legislative Session

Relates to investments by charitable gift annuity corporations or associations

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Archive: Last Bill Status - In Assembly Committee

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2011-A7951 (ACTIVE) - Details

See Senate Version of this Bill:
S5213
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง1110, Ins L
Versions Introduced in 2013-2014 Legislative Session:
A3102

2011-A7951 (ACTIVE) - Summary

Relates to investments by charitable gift annuity corporations or associations.

2011-A7951 (ACTIVE) - Bill Text download pdf 

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

                                  7951

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 25, 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 by  chari-
  table gift annuity corporations or associations

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

  Section 1. Subdivision (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.  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
benefits;  PROVIDED  HOWEVER,  THE CORPORATION OR ASSOCIATION MAY INVEST
AND MANAGE THE ADMITTED ASSETS IN COMBINATION WITH OTHER ASSETS  OF  THE
ORGANIZATION, PROVIDED FURTHER, THAT THERE IS A SEPARATE CUSTODY ACCOUNT
FOR THE INTEREST OF THE ADMITTED ASSETS IN ANY SUCH COMBINED FUND.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11425-01-1

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