senate Bill S7320A

Signed By Governor
2013-2014 Legislative Session

Relates to the life insurance company guaranty corporation of New York

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Archive: Last Bill Status Via A9915 - 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 (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 signed chap.454
Nov 10, 2014 delivered to governor
Jun 18, 2014 returned to assembly
passed senate
3rd reading cal.1540
substituted for s7320a
Jun 18, 2014 substituted by a9915
ordered to third reading cal.1540
committee discharged and committed to rules
May 29, 2014 print number 7320a
amend and recommit to finance
May 28, 2014 reported and committed to finance
May 12, 2014 referred to insurance

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S7320 - Details

See Assembly Version of this Bill:
A9915
Law Section:
Insurance Law
Laws Affected:
Amd §§7702, 7703, 7705, 7708, 7709, 1108 & 7503, add §7719, Ins L

S7320 - Summary

Relates to the life insurance company guaranty corporation of New York.

S7320 - Sponsor Memo

S7320 - Bill Text download pdf

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

                                  7320

                            I N  S E N A T E

                              May 12, 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  the  life  insurance
  company guaranty corporation of New York

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

  Section 1. Section 7702 of the insurance law, as added by chapter  802
of the laws of 1985, is amended to read as follows:
  S  7702.  Purpose.  The purpose of this article is to provide funds to
protect [resident policyowners] POLICY OWNERS, insureds,  beneficiaries,
annuitants,  payees  and  assignees  of  life insurance policies, health
insurance policies, annuity contracts, funding  agreements  and  supple-
mental  contracts issued by life insurance companies, subject to certain
limitations, against failure in the  performance  of  contractual  obli-
gations  due to the impairment or insolvency of the insurer issuing such
policies [or], contracts, OR FUNDING AGREEMENTS.  In the judgment of the
legislature, the foregoing objects and purposes  not  being  capable  of
accomplishment by a corporation created under general laws, the creation
of  a  not-for-profit  corporation  of  insurers is provided for by this
article to enable the guarantee of payment of benefits and of  continua-
tion of coverages, and members of the corporation are subject to assess-
ment to carry out the purposes of this article.
  S 2. Section 7703 of the insurance law, as added by chapter 802 of the
laws of 1985, is amended to read as follows:
  S  7703. Scope. (a) (1) This article shall apply to direct life insur-
ance policies, health insurance  policies,  annuity  contracts,  funding
agreements,  and SUPPLEMENTAL contracts [supplemental to life and health
insurance policies, annuity contracts or funding agreements] issued  [to
a  resident]  by  a  life insurance company licensed to transact life or
health insurance or annuities in this state  at  the  time  the  policy,
contract,  or FUNDING agreement was issued or [at the time it became] ON
THE DATE OF ENTRY OF A COURT ORDER OF LIQUIDATION OR REHABILITATION WITH
RESPECT TO SUCH A COMPANY THAT IS an impaired or insolvent  insurer,  as
the case may be.

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

S7320A (ACTIVE) - Details

See Assembly Version of this Bill:
A9915
Law Section:
Insurance Law
Laws Affected:
Amd §§7702, 7703, 7705, 7708, 7709, 1108 & 7503, add §7719, Ins L

S7320A (ACTIVE) - Summary

Relates to the life insurance company guaranty corporation of New York.

S7320A (ACTIVE) - Sponsor Memo

S7320A (ACTIVE) - Bill Text download pdf

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

                                 7320--A

                            I N  S E N A T E

                              May 12, 2014
                               ___________

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  and  committed  to  the Committee on
  Finance -- committee discharged, bill amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN  ACT  to  amend  the insurance law, in relation to the life insurance
  company guaranty corporation of New York

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

  Section  1. Section 7702 of the insurance law, as added by chapter 802
of the laws of 1985, is amended to read as follows:
  S 7702. Purpose. The purpose of this article is to  provide  funds  to
protect  [resident policyowners] POLICY OWNERS, insureds, beneficiaries,
annuitants, payees and assignees  of  life  insurance  policies,  health
insurance  policies,  annuity  contracts, funding agreements and supple-
mental contracts issued by life insurance companies, subject to  certain
limitations,  against  failure  in  the performance of contractual obli-
gations due to the impairment or insolvency of the insurer issuing  such
policies [or], contracts, OR FUNDING AGREEMENTS.  In the judgment of the
legislature,  the  foregoing  objects  and purposes not being capable of
accomplishment by a corporation created under general laws, the creation
of a not-for-profit corporation of insurers  is  provided  for  by  this
article  to enable the guarantee of payment of benefits and of continua-
tion of coverages, and members of the corporation are subject to assess-
ment to carry out the purposes of this article.
  S 2. Section 7703 of the insurance law, as added by chapter 802 of the
laws of 1985, is amended to read as follows:
  S 7703. Scope. (a) (1) This article shall apply to direct life  insur-
ance  policies,  health  insurance  policies, annuity contracts, funding
agreements, and SUPPLEMENTAL contracts [supplemental to life and  health
insurance  policies, annuity contracts or funding agreements] issued [to
a resident] by a life insurance company licensed  to  transact  life  or
health  insurance  or  annuities  in  this state at the time the policy,
contract, or FUNDING agreement was issued or [at the time it became]  ON

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

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