Assembly Bill A9072

2013-2014 Legislative Session

Relates to the distribution of dividends

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

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

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2013-A9072 (ACTIVE) - Details

See Senate Version of this Bill:
S6508
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2015-2016 Legislative Session:
A5202, S1380

2013-A9072 (ACTIVE) - 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.

2013-A9072 (ACTIVE) - Bill Text download pdf 

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

                                  9072

                          I N  A S S E M B L Y

                             March 12, 2014
                               ___________

Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
  tee 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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