senate Bill S4282

2021-2022 Legislative Session

Relates to certain voidable transfers affecting a federal home loan bank

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

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.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 03, 2022 committed to rules
Apr 27, 2022 advanced to third reading
Apr 26, 2022 2nd report cal.
Apr 25, 2022 1st report cal.760
Jan 05, 2022 referred to insurance
Feb 03, 2021 referred to insurance

Votes

view votes

Apr 25, 2022 - Insurance committee Vote

S4282
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Apr 25, 2022

Co-Sponsors

S4282 (ACTIVE) - Details

See Assembly Version of this Bill:
A3573
Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Amd §§7425, 7419 & 7409, Ins L
Versions Introduced in 2019-2020 Legislative Session:
S7329, A8040

S4282 (ACTIVE) - Summary

Relates to certain voidable transfers affecting a federal home loan bank including injunctions and the conduct of delinquency proceedings against insurers domiciled in this state.

S4282 (ACTIVE) - Sponsor Memo

S4282 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4282
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  certain  voidable
   transfers affecting a federal home loan bank
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 7425 of the insurance law is amended  by  adding  a
 new subsection (e) to read as follows:
   (E)  (1)  NOTWITHSTANDING  SUBSECTION (A) OF THIS SECTION OR ANY OTHER
 PROVISION OF THIS ARTICLE TO THE CONTRARY, (I) A RECEIVER SHALL NOT VOID
 A TRANSFER OF MONEY OR OTHER PROPERTY ARISING  UNDER  OR  IN  CONNECTION
 WITH A FEDERAL HOME LOAN BANK SECURITY AGREEMENT THAT IS MADE BEFORE THE
 COMMENCEMENT  OF  A FORMAL PROCEEDING UNDER THIS ARTICLE IN THE ORDINARY
 COURSE OF BUSINESS AND IN COMPLIANCE WITH THE SECURITY AGREEMENT  UNLESS
 SUCH  TRANSFER  WAS  MADE WITH ACTUAL INTENT TO HINDER, DELAY OR DEFRAUD
 THE INSURER-MEMBER, A  RECEIVER  APPOINTED  FOR  THE  INSURER-MEMBER  OR
 EXISTING  OR  FUTURE  CREDITORS;  AND  (II)  A RECEIVER SHALL NOT VOID A
 REDEMPTION OR REPURCHASE OF ANY STOCK OR  EQUITY  SECURITIES  WHICH  WAS
 MADE  BY  THE  FEDERAL  HOME  LOAN  BANK  WITHIN FOUR MONTHS OF A FORMAL
 COMMENCEMENT OF THE DELINQUENCY  PROCEEDINGS  OR  WHICH  RECEIVED  PRIOR
 APPROVAL OF THE RECEIVER.
   (2)  FOLLOWING THE APPOINTMENT OF A RECEIVER FOR AN INSURER-MEMBER AND
 UPON REQUEST OF THE RECEIVER, THE FEDERAL HOME LOAN BANK  SHALL,  WITHIN
 TEN DAYS OF SUCH REQUEST, PROVIDE A PROCESS AND ESTABLISH TIMING FOR ALL
 OF THE FOLLOWING:
   (I)  THE  RELEASE  OF  COLLATERAL  THAT  EXCEEDS THE LENDING VALUE, AS
 DETERMINED IN ACCORDANCE WITH THE FEDERAL HOME LOAN BANK SECURITY AGREE-
 MENT, REQUIRED TO SUPPORT SECURED OBLIGATIONS REMAINING AFTER ANY REPAY-
 MENT OF ADVANCES;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06970-01-1

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.