senate Bill S4191B

Signed By Governor
2013-2014 Legislative Session

Provides for the formation of mutual holding companies by certain domestic mutual life insurers, and the reorganization of such life insurers into domestic stock life insurers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 13, 2013 signed chap.500
Nov 01, 2013 delivered to governor
Jun 18, 2013 returned to senate
passed assembly
ordered to third reading rules cal.329
substituted for a6448b
Jun 10, 2013 referred to codes
delivered to assembly
passed senate
Jun 03, 2013 amended on third reading 4191b
May 29, 2013 amended on third reading 4191a
Mar 20, 2013 advanced to third reading
Mar 19, 2013 2nd report cal.
Mar 18, 2013 1st report cal.208
Mar 13, 2013 referred to insurance

Co-Sponsors

S4191 - Details

See Assembly Version of this Bill:
A6448B
Law Section:
Insurance Law
Laws Affected:
Add Art 80 §§8001 - 8021, Ins L

S4191 - Summary

Provides for the formation of mutual holding companies by certain domestic mutual life insurers, and the reorganization of such life insurers into domestic stock life insurers.

S4191 - Sponsor Memo

S4191 - Bill Text download pdf

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

                                  4191

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 13, 2013
                               ___________

Introduced  by  Sen.  LIBOUS -- 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 formation of mutu-
  al holding companies by certain domestic mutual life insurers and  the
  reorganization  in  connection  therewith  of  a  domestic mutual life
  insurer into a domestic stock life insurer

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

  Section 1. The insurance  law is amended by adding a new article 80 to
read as follows:

                               ARTICLE 80
                         MUTUAL HOLDING COMPANY
SECTION 8001. DEFINITIONS.
        8002. REORGANIZATION OF MUTUAL LIFE INSURER THROUGH FORMATION OF
                A MUTUAL HOLDING COMPANY; CONTENTS OF PLAN.
        8003. DIVIDEND PRACTICES.
        8004. ADOPTION  OF  PLAN;  SUBMISSION OF PLAN TO THE SUPERINTEN-
                DENT.
        8005. AMENDMENT OR WITHDRAWAL OF PLAN.
        8006. CONSULTANTS.
        8007. APPROVAL OF PLAN BY SUPERINTENDENT; HEARING.
        8008. APPROVAL OF PLAN BY POLICYHOLDERS.
        8009. FILING OF PLAN; EFFECTIVE DATE OF REORGANIZATION.
        8010. EFFECT OF REORGANIZATION.
        8011. CORPORATE EXISTENCE.
        8012. DIRECTORS AND OFFICERS.
        8013. NOTICE OF PROPOSED REORGANIZATION.
        8014. FAILURE TO GIVE NOTICE.
        8015. LIMITATIONS OF ACTIONS; SECURITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09843-01-3

Co-Sponsors

S4191A - Details

See Assembly Version of this Bill:
A6448B
Law Section:
Insurance Law
Laws Affected:
Add Art 80 §§8001 - 8021, Ins L

S4191A - Summary

Provides for the formation of mutual holding companies by certain domestic mutual life insurers, and the reorganization of such life insurers into domestic stock life insurers.

S4191A - Sponsor Memo

S4191A - Bill Text download pdf

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

                                 4191--A
    Cal. No. 208

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 13, 2013
                               ___________

Introduced  by  Sens. LIBOUS, VALESKY -- 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 formation of mutu-
  al  holding companies by certain domestic mutual life insurers and the
  reorganization in connection  therewith  of  a  domestic  mutual  life
  insurer into a domestic stock life insurer

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

  Section 1. The insurance  law is amended by adding a new article 80 to
read as follows:

                               ARTICLE 80
                         MUTUAL HOLDING COMPANY
SECTION 8001. DEFINITIONS.
        8002. REORGANIZATION OF MUTUAL LIFE INSURER THROUGH FORMATION OF
                A MUTUAL HOLDING COMPANY; CONTENTS OF PLAN.
        8003. DIVIDEND PRACTICES.
        8004. ADOPTION OF PLAN; SUBMISSION OF PLAN  TO  THE  SUPERINTEN-
                DENT.
        8005. AMENDMENT OR WITHDRAWAL OF PLAN.
        8006. CONSULTANTS.
        8007. APPROVAL OF PLAN BY SUPERINTENDENT; HEARING.
        8008. APPROVAL OF PLAN BY POLICYHOLDERS.
        8009. FILING OF PLAN; EFFECTIVE DATE OF REORGANIZATION.
        8010. EFFECT OF REORGANIZATION.
        8011. CORPORATE EXISTENCE.
        8012. DIRECTORS AND OFFICERS.
        8013. NOTICE OF PROPOSED REORGANIZATION.

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

Co-Sponsors

S4191B (ACTIVE) - Details

See Assembly Version of this Bill:
A6448B
Law Section:
Insurance Law
Laws Affected:
Add Art 80 §§8001 - 8021, Ins L

S4191B (ACTIVE) - Summary

Provides for the formation of mutual holding companies by certain domestic mutual life insurers, and the reorganization of such life insurers into domestic stock life insurers.

S4191B (ACTIVE) - Sponsor Memo

S4191B (ACTIVE) - Bill Text download pdf

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

                                 4191--B
    Cal. No. 208

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             March 13, 2013
                               ___________

Introduced  by  Sens. LIBOUS, VALESKY -- 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 -- again amended and
  ordered reprinted, retaining its place in the order of third reading

AN ACT to amend the insurance law, in relation to the formation of mutu-
  al  holding companies by certain domestic mutual life insurers and the
  reorganization in connection  therewith  of  a  domestic  mutual  life
  insurer into a domestic stock life insurer

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

  Section 1. The insurance  law is amended by adding a new article 80 to
read as follows:

                               ARTICLE 80
                         MUTUAL HOLDING COMPANY
SECTION 8001. DEFINITIONS.
        8002. REORGANIZATION OF MUTUAL LIFE INSURER THROUGH FORMATION OF
                A MUTUAL HOLDING COMPANY; CONTENTS OF PLAN.
        8003. DIVIDEND PRACTICES.
        8004. ADOPTION OF PLAN; SUBMISSION OF PLAN  TO  THE  SUPERINTEN-
                DENT.
        8005. AMENDMENT OR WITHDRAWAL OF PLAN.
        8006. CONSULTANTS.
        8007. APPROVAL OF PLAN BY SUPERINTENDENT; HEARING.
        8008. APPROVAL OF PLAN BY POLICYHOLDERS.
        8009. FILING OF PLAN; EFFECTIVE DATE OF REORGANIZATION.
        8010. EFFECT OF REORGANIZATION.
        8011. CORPORATE EXISTENCE.
        8012. DIRECTORS AND OFFICERS.

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

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