Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 13, 2013 |
signed chap.471 |
Nov 01, 2013 |
delivered to governor |
Jun 20, 2013 |
returned to assembly passed senate 3rd reading cal.204 substituted for s2890a |
Jun 20, 2013 |
substituted by a2130a |
May 06, 2013 |
amended on third reading 2890a |
Mar 20, 2013 |
advanced to third reading |
Mar 19, 2013 |
2nd report cal. |
Mar 18, 2013 |
1st report cal.204 |
Jan 24, 2013 |
referred to insurance |
Senate Bill S2890A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A2130 - 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
Bill Amendments
2013-S2890 - Details
2013-S2890 - Sponsor Memo
BILL NUMBER:S2890 TITLE OF BILL: An act to amend the insurance law, in relation to the foreign investments of insurance companies PURPOSE: This bill would amend § 1405 of the insurance law relating to investments by life insurers to slightly increase the percentage of admitted assets that may be invested in foreign jurisdictions by life insurance companies, This bill would also create a new percentage of admitted assets limit for unhedged foreign currency investments by life insurers. This bill is necessary to enable life insurers authorized to do business in N.Y. to compete effectively in today's global marketplace and to provide them with safe and diversified investment opportunities that will ultimately benefit their present and future customers. SUMMARY OF PROVISIONS: This bill would amend section 1405(a)(7)(C) of the insurance law to establish that the aggregate percentage of admitted assets of a life insurer that may be invested in a foreign jurisdiction rated investment grade or better should be 20% and to establish that the percentage of admitted assets by such insurer that may be invested in any one investment grade foreign jurisdiction must be 7% The bill would further amend section 1405(a)(7)(D) of the insurance law to establish that the aggregate percentage of admitted assets of life insurers eligi- ble to be invested in foreign jurisdictions that are other than invest- ment grade should not exceed 6% and that the percentage of admitted assets by such insurer that may be invested in any one other than
2013-S2890 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2890 2013-2014 Regular Sessions I N S E N A T E January 24, 2013 ___________ 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 the foreign invest- ments of insurance companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 7 of subsection (a) of section 1405 of the insur- ance law, subparagraph (C) as amended by chapter 60 of the laws of 2008 and subparagraph (D) as amended by chapter 162 of the laws of 1999, is amended to read as follows: (7) Foreign investments. (A) Canadian investments substantially of the same types as those eligible for investment under paragraphs one through six of this subsection, provided that, after giving effect to any investment made under this subparagraph, the aggregate amount of invest- ments made under this subparagraph and then held by such insurer shall not exceed ten percent of the insurer's admitted assets, except where a greater amount is permitted under subparagraph (B) below (in which case the provisions of this subparagraph shall not be applicable). (B) In the case of any domestic insurer that is authorized to do busi- ness in a foreign country or possession of the United States of America or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in such foreign country or possession, investments in such foreign country or possession that are substantially of the same types as those eligible for investment under paragraphs one through six of this subsection; provided that, except where a greater amount is permitted under subparagraph (A) above, after giving effect to any investment in such foreign country or possession made under this subparagraph, the aggregate amount of cash in the currency of such foreign country or possession and of investments in such foreign country or possession made under this subparagraph and then held by such insurer shall not exceed one and one-half times the amount EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02686-01-3
2013-S2890A (ACTIVE) - Details
2013-S2890A (ACTIVE) - Sponsor Memo
BILL NUMBER:S2890A REVISED MEMO 05/21/13 TITLE OF BILL: An act to amend the insurance law, in relation to the foreign investments of insurance companies PURPOSE: This bill would amend § 1405 of the insurance law relating to investments by life insurers to slightly increase the percentage of admitted assets that may be invested in foreign jurisdictions by life insurance companies. This bill would also create a new percentage of admitted assets limit for unhedged foreign currency investments by life insurers. This bill is necessary to enable life insurers authorized to do business in N.Y. to compete effectively in today's global marketplace and to provide them with safe and diversified investment opportunities that will ultimately benefit their present and future customers. SUMMARY OF PROVISIONS: This bill would amend section 1405(a)(7)(C) of the insurance law to establish that the aggregate percentage of admitted assets of a life insurer that may be invested in a foreign jurisdiction rated investment grade or better should be 20% and to establish that the percentage of admitted assets by such insurer that may be invested in any one investment grade foreign jurisdiction must be 7%. The bill
2013-S2890A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2890--A Cal. No. 204 2013-2014 Regular Sessions I N S E N A T E January 24, 2013 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to the foreign invest- ments of insurance companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 7 of subsection (a) of section 1405 of the insur- ance law, subparagraph (C) as amended by chapter 60 of the laws of 2008 and subparagraph (D) as amended by chapter 162 of the laws of 1999, is amended to read as follows: (7) Foreign investments. (A) Canadian investments substantially of the same types as those eligible for investment under paragraphs one through six of this subsection, provided that, after giving effect to any investment made under this subparagraph, the aggregate amount of invest- ments made under this subparagraph and then held by such insurer shall not exceed ten percent of the insurer's admitted assets, except where a greater amount is permitted under subparagraph (B) below (in which case the provisions of this subparagraph shall not be applicable). (B) In the case of any domestic insurer that is authorized to do busi- ness in a foreign country or possession of the United States of America or that has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in such foreign country or possession, investments in such foreign country or possession that are substantially of the same types as those eligible for investment under paragraphs one through six of this subsection; provided that, except where a greater amount is permitted under subparagraph (A) above, after giving effect to any investment in such foreign country or possession made under this subparagraph, the aggregate amount of cash in the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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