Do you support this bill?

Assembly Bill A9072

2013-2014 Legislative Session

Relates to the distribution of dividends

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

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

2013-A9072 (ACTIVE) - Details

See Senate Version of this Bill:
S6508
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง4207, Ins L
Versions Introduced in 2015-2016 Legislative Session:
A5202, S1380

2013-A9072 (ACTIVE) - Summary

Relates to the distribution of dividends by any domestic life insurance company and limits the aggregate amount of such dividends in any calendar year.

2013-A9072 (ACTIVE) - Bill Text download pdf 

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

                                  9072

                          I N  A S S E M B L Y

                             March 12, 2014
                               ___________

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

AN  ACT to amend the insurance law, in relation to distribution of divi-
  dends by domestic stock life insurers

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

  Section 1. Paragraph 1 of subsection (a) of section 4207 of the insur-
ance  law,  as  added  by chapter 442 of the laws of 2000, is amended to
read as follows:
  (1) Notwithstanding paragraph two of  this  subsection,  any  domestic
stock life insurance company may distribute a dividend to its sharehold-
ers  where  the  aggregate amount of such dividends in any calendar year
does not exceed the [lesser] GREATER of:
  (A) ten percent of its surplus to policyholders as of the  immediately
preceding calendar year; or
  (B)  its net gain from operations for the immediately preceding calen-
dar year, not including realized capital gains.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13609-01-4

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.