Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to insurance |
Jun 24, 2011 |
committed to rules |
Jun 06, 2011 |
advanced to third reading |
Jun 02, 2011 |
2nd report cal. |
Jun 01, 2011 |
1st report cal.901 |
May 03, 2011 |
referred to insurance |
Senate Bill S5213
2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Insurance 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
Actions
Votes
co-Sponsors
(R, C) 7th Senate District
2011-S5213 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7951
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1110, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A3102
2011-S5213 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5213 TITLE OF BILL: An act to amend the insurance law, in relation to investments by charitable gift annuity corporations or associations PURPOSE: To authorize non-profit corporations and associations to combine charitable gift annuity reserve funds with other funds for purposes of management and investment. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Insurance Law § 1110 (b) to authorize charitable, non-profit corporations and associations to pool charitable gift annuity reserve funds for purposes of management and investment. EXISTING LAW: Section 1110 of the Insurance Law requires charities to have a permit to issue gift annuities in New York. The statute further requires the size of the annuity to be calculated so that, upon the donor's death, the charity will have a reserve of at least equal to half of the original value of the gift. Charities issuing annuities must maintain reserves that are invested using the prudent investor standard so as to protect the value of the donor's annuity. Finally, the statute requires such reserves to be "segregated as separate and distinct
2011-S5213 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5213 2011-2012 Regular Sessions I N S E N A T E May 3, 2011 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee 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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