Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 27, 2012 |
signed chap.4 |
Jan 25, 2012 |
delivered to governor |
Jan 18, 2012 |
returned to assembly passed senate 3rd reading cal.19 substituted for s6131 referred to rules delivered to senate passed assembly ordered to third reading rules cal.4 rules report cal.4 reported reported referred to rules |
Jan 10, 2012 |
reported referred to codes |
Jan 04, 2012 |
referred to insurance |
Assembly Bill A8903
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
2011-A8903 (ACTIVE) - Details
- See Senate Version of this Bill:
- S6131
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §7437, Ins L
2011-A8903 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8903 I N A S S E M B L Y (PREFILED) January 4, 2012 ___________ 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 making technical corrections thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (b) of section 7437 of the insur- ance law, as added by chapter 600 of the laws of 2011, is amended to read as follows: (1) Notwithstanding any other provision of this article, including any other provision of this article permitting the modification of contracts, or other law of this state, no person shall be stayed or prohibited from exercising: (A) a contractual right to cause the termi- nation, liquidation, acceleration or close out of any obligation under OR IN CONNECTION WITH a netting agreement or qualified financial contract with an insurer, other than an insurer licensed to write finan- cial guaranty insurance, because of: (i) the insolvency, financial condition or default of the insurer at any time, provided that the right is enforceable under applicable law other than this article; or (ii) the commencement of any proceeding under this article; (B) any right under a security arrangement relating to one or more netting agreements or qual- ified financial contracts, OTHER THAN A RIGHT AGAINST AN INSURER LICENSED TO WRITE FINANCIAL GUARANTY INSURANCE; or (C) subject to any provision of subsection (b) of section seven thousand four hundred twen- ty-seven of this article, any right to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with one or more qualified financial contracts, OTHER THAN A RIGHT AGAINST AN INSURER LICENSED TO WRITE FINANCIAL GUARANTY INSURANCE, where the counterparty or its guarantor is organized under the laws of the United States, a state, or a foreign jurisdiction approved by the Securities Valuation Office of the National Association of Insurance Commissioners as eligible for netting. S 2. This act shall take effect on the same date and in the same manner as chapter 600 of the laws of 2011 took effect.
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