Assembly Bill A9607

Signed By Governor
2011-2012 Legislative Session

Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6507 - 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

2011-A9607 (ACTIVE) - Details

See Senate Version of this Bill:
S6507
Law Section:
Insurance Law
Laws Affected:
Amd §7709, Ins L; amd §1511, Tax L

2011-A9607 (ACTIVE) - Summary

Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation for the purposes of determining assessments on insurers.

2011-A9607 (ACTIVE) - Bill Text download pdf 

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

                                  9607

                          I N  A S S E M B L Y

                             March 20, 2012
                               ___________

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

AN ACT to amend the insurance law and the tax law, in  relation  to  the
  life insurance company guaranty corporation of New York

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

  Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
ance law, as added by chapter 802 of the laws of  1985,  is  amended  to
read as follows:
  (1)  The  total assessment against all member insurers for all impair-
ments and insolvencies, less the amount of refunds (not including inter-
est) to member insurers pursuant to  subsection  (f)  of  this  section,
shall  not exceed five hundred million dollars, EXCEPT THAT WITH RESPECT
TO A MEMBER INSURER THAT IS A DOMESTIC INSURER  AND  IS  SUBJECT  TO  AN
ORDER OF REHABILITATION UNDER ARTICLE SEVENTY-FOUR OF THIS CHAPTER AS OF
MARCH  FIRST  TWO  THOUSAND  TWELVE, SUCH ASSESSMENT LIMIT SHALL BE FIVE
HUNDRED FIFTY-EIGHT MILLION DOLLARS; PROVIDED, HOWEVER, THAT  SUCH  FIVE
HUNDRED  FIFTY-EIGHT  MILLION DOLLAR LIMIT SHALL BE SUBJECT TO REDUCTION
IN AN AMOUNT, IF ANY, DETERMINED BY THE SUPERINTENDENT, ON  A  DATE  NOT
EARLIER  THAN  TWELVE  MONTHS AFTER THE ENTRY OF AN ORDER OF LIQUIDATION
WITH RESPECT TO SUCH DOMESTIC INSURER, TO BE NOT NEEDED FOR  THE  CORPO-
RATION  TO  BE  ABLE  TO  PAY ITS OBLIGATIONS AND REASONABLE EXPENSES IN
CONNECTION WITH THE LIQUIDATION OF SUCH  DOMESTIC  INSURER,  BUT  IN  NO
EVENT SHALL SUCH REDUCTION EXCEED FIFTY-EIGHT MILLION DOLLARS.
  S 2. Paragraph 1 of subdivision (f) of section 1511 of the tax law, as
amended  by  chapter  803  of  the  laws  of 1985, is amended to read as
follows:
  (1) The maximum authorized credit for each taxpayer  shall  be  deter-
mined  as  provided  in [subsection (a) of] section seven thousand seven
hundred twelve of the insurance law.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14723-04-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.