senate Bill S6508

2013-2014 Legislative Session

Relates to the distribution of dividends

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2014 referred to insurance
delivered to assembly
passed senate
May 07, 2014 advanced to third reading
May 06, 2014 2nd report cal.
May 05, 2014 1st report cal.491
Jan 31, 2014 referred to insurance

S6508 - Details

See Assembly Version of this Bill:
A9072
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L

S6508 - 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.

S6508 - Sponsor Memo

S6508 - Bill Text download pdf

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

                                  6508

                            I N  S E N A T E

                            January 31, 2014
                               ___________

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 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

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