senate Bill S5083

Signed By Governor
2013-2014 Legislative Session

Relates to investments in foreign states sponsoring terrorism

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A6855 -


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

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.
Use this box to enter a message to your senator.

Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 13, 2013 signed chap.481
Nov 01, 2013 delivered to governor
Jun 21, 2013 returned to assembly
passed senate
3rd reading cal.1610
substituted for s5083
Jun 21, 2013 substituted by a6855
ordered to third reading cal.1610
committee discharged and committed to rules
May 08, 2013 referred to insurance

Co-Sponsors

S5083 - Details

See Assembly Version of this Bill:
A6855
Law Section:
Insurance Law
Laws Affected:
Add ยง1415, Ins L

S5083 - Summary

Relates to investments in foreign states sponsoring terrorism.

S5083 - Sponsor Memo

S5083 - Bill Text download pdf

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

                                  5083

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 8, 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 investments in foreign
  states sponsoring terrorism

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

  Section 1. The legislature finds and declares all of the following:
  (1) The Federal Securities and Exchange Commission has determined that
investments  in  foreign states sponsoring terrorism, such as Iran, that
are subject to sanctions by the United States, may materially  harm  the
share  value of foreign companies. Shares in these foreign companies may
be held in the portfolio of insurance companies issuing policies to  New
York consumers.
  (2)  Publicly  traded companies in the United States are substantially
restricted in doing business in or with foreign states,  such  as  Iran,
that  the United States Department of State has identified as sponsoring
terrorism.
  (3) Identifying persons with investments in foreign  states,  such  as
Iran,  that  sponsor  terrorism  and ensuring that those investments are
financially sound is an important public policy priority.
  (4) It is the government of Iran, and not the people of Iran, that  is
responsible  for  Iran's support of terrorism and that commits egregious
violations of human rights under which its own citizens are required  to
live.
  S 2. The insurance law is amended by adding a new section 1415 to read
as follows:
  S  1415.  INVESTMENTS OF DOMESTIC INSURERS IN PERSONS INCLUDED ON LIST
OF PERSONS ENGAGED IN INVESTMENT ACTIVITIES IN IRAN TREATED AS NONADMIT-
TED ASSETS. 1. AS USED IN THIS SECTION, THE FOLLOWING DEFINITIONS  SHALL
APPLY:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10320-02-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.