senate Bill S2890A

Signed By Governor
2013-2014 Legislative Session

Increases the permitted foreign investments by life insurance companies from sixteen to twenty percent of the insurer's assets

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Archive: Last Bill Status Via A2130 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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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

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S2890 - Details

See Assembly Version of this Bill:
A2130A
Law Section:
Insurance Law
Laws Affected:
Amd §§1405 & 1410, Ins L
Versions Introduced in 2011-2012 Legislative Session:
A10773

S2890 - Summary

Increases the permitted foreign investments by life insurance companies from sixteen to twenty percent of the insurer's assets.

S2890 - Sponsor Memo

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

S2890A (ACTIVE) - Details

See Assembly Version of this Bill:
A2130A
Law Section:
Insurance Law
Laws Affected:
Amd §§1405 & 1410, Ins L
Versions Introduced in 2011-2012 Legislative Session:
A10773

S2890A (ACTIVE) - Summary

Increases the permitted foreign investments by life insurance companies from sixteen to twenty percent of the insurer's assets.

S2890A (ACTIVE) - Sponsor Memo

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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