Senate Bill S1380A

Signed By Governor
2015-2016 Legislative Session

Relates to the distribution of dividends

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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

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
Votes

Bill Amendments

2015-S1380 - Details

See Assembly Version of this Bill:
A5202
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
S6508, A9072

2015-S1380 - 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.

2015-S1380 - Sponsor Memo

2015-S1380 - Bill Text download pdf

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

                                  1380

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

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.
                                                           LBD06932-01-5


              

2015-S1380A - Details

See Assembly Version of this Bill:
A5202
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
S6508, A9072

2015-S1380A - 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.

2015-S1380A - Sponsor Memo

2015-S1380A - Bill Text download pdf

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

                                 1380--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Insurance  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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,  NOT  TO  EXCEED:    (I)
FIFTEEN  PERCENT  OF  ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY
PRECEDING CALENDAR YEAR, IF ITS NET GAIN FROM OPERATIONS, NOT  INCLUDING
REALIZED  CAPITAL  GAINS,  HAS  BEEN  NEGATIVE IN ANY ONE OR MORE OF THE
IMMEDIATELY PRECEDING THREE CALENDAR YEARS OR OTHERWISE (II) TWENTY-FIVE
PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY  PRECEDING
CALENDAR  YEAR; PROVIDED, HOWEVER, THAT, NOTWITHSTANDING THIS PARAGRAPH,
IN NO EVENT MAY A DIVIDEND BE DISTRIBUTED WITHOUT APPROVAL OF THE SUPER-
INTENDENT, IN ACCORDANCE WITH PARAGRAPH TWO OF THIS SUBSECTION,  IN  THE
CALENDAR  YEAR  IMMEDIATELY  FOLLOWING A CALENDAR YEAR FOR WHICH ITS NET
GAIN  FROM  OPERATIONS,  NOT  INCLUDING  REALIZED  CAPITAL  GAINS,   WAS
NEGATIVE.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06932-03-5
              

2015-S1380B (ACTIVE) - Details

See Assembly Version of this Bill:
A5202
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
S6508, A9072

2015-S1380B (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.

2015-S1380B (ACTIVE) - Sponsor Memo

2015-S1380B (ACTIVE) - Bill Text download pdf

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

                                 1380--B
    Cal. No. 684

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Insurance  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee -- reported favorably from said committee, ordered
  to first and second report, ordered to a third  reading,  amended  and
  ordered reprinted, retaining its place in the order of third reading

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.  Subsection  (a)  of section 4207 of the insurance law, as
amended by chapter 442 of the laws  of  2000,  is  amended  to  read  as
follows:
  (a)(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, NOT TO EXCEED:  (I)
FIFTEEN PERCENT OF ITS SURPLUS TO POLICYHOLDERS AS  OF  THE  IMMEDIATELY
PRECEDING  CALENDAR YEAR, IF ITS NET GAIN FROM OPERATIONS, NOT INCLUDING
REALIZED CAPITAL GAINS, HAS BEEN NEGATIVE IN ANY  ONE  OR  MORE  OF  THE
IMMEDIATELY PRECEDING THREE CALENDAR YEARS OR OTHERWISE (II) TWENTY-FIVE
PERCENT  OF ITS SURPLUS TO POLICYHOLDERS AS OF THE IMMEDIATELY PRECEDING
CALENDAR YEAR; PROVIDED, HOWEVER, THAT, NOTWITHSTANDING THIS  PARAGRAPH,
IN NO EVENT MAY A DIVIDEND BE DISTRIBUTED WITHOUT APPROVAL OF THE SUPER-
INTENDENT,  IN  ACCORDANCE WITH PARAGRAPH TWO OF THIS SUBSECTION, IN THE
CALENDAR YEAR IMMEDIATELY FOLLOWING A CALENDAR YEAR FOR  WHICH  ITS  NET

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06932-04-5
              

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.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.