Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 18, 2012 |
signed chap.217 |
Jul 06, 2012 |
delivered to governor |
May 21, 2012 |
returned to senate passed assembly ordered to third reading cal.600 substituted for a9607 |
Mar 30, 2012 |
referred to insurance |
Mar 29, 2012 |
delivered to assembly passed senate ordered to third reading cal.479 reported and committed to rules |
Mar 16, 2012 |
print number 6507a |
Mar 16, 2012 |
amend (t) and recommit to finance |
Mar 05, 2012 |
reported and committed to finance |
Feb 17, 2012 |
referred to insurance |
Senate Bill S6507A
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
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
Actions
Votes
Bill Amendments
2011-S6507 - Details
- See Assembly Version of this Bill:
- A9607
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §7709, Ins L; amd §1511, Tax L
2011-S6507 - Sponsor Memo
BILL NUMBER:S6507 TITLE OF BILL: An act to amend the insurance law, in relation to the life insurance company guaranty corporation of New York PURPOSE: This amendment to Article 77 of the insurance law (the Life Insurance Company Guaranty Corporation of New York -- "LICGC") is necessary to ensure that the LICGC will have sufficient statutory authority to fund the guaranty association benefits required in connection with the insolvency of Executive Life Insurance Company of New York (ELNY). This insolvency is expected to be declared by court order in March of 2012 and will require the imposition of assessments on life insurers in an amount greater than the current guaranty law limit of $500 million. This amendment would increase that assessment limit to $575 million and thereby provide the LICGC sufficient authority to cover the statutory obligations to ELNY beneficiaries contained in the current life insurance guaranty law. SUMMARY OF PROVISIONS: This bill would amend paragraph (1) of subsection (e) of section 7709 of the insurance law to increase the aggregate, total authority to assess members of the Life Insurance
2011-S6507 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6507 I N S E N A T E February 17, 2012 ___________ 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. Paragraph 1 of subsection (e) of section 7709 of the insur- ance law, as added by chapter 802 of the laws of 1985, is amended to read as follows: (1) The total assessment against all member insurers for all impair- ments and insolvencies, less the amount of refunds (not including inter- est) to member insurers pursuant to subsection (f) of this section, shall not exceed five hundred SEVENTY-FIVE million dollars. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14723-01-2
co-Sponsors
(R, C, IP) Senate District
2011-S6507A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9607
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §7709, Ins L; amd §1511, Tax L
2011-S6507A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6507A TITLE OF BILL: An act to amend the insurance law and the tax law, in relation to the life insurance company guaranty corporation of New York PURPOSE: This amendment to Article 77 of the insurance law (the Life Insurance Company Guaranty Corporation of New York -- "LICGC") is necessary to ensure that the LICGC will have sufficient statutory authority to fund the guaranty association benefits required in connection with the insolvency of Executive Life Insurance Company of New York (ELNY). This insolvency is expected to be declared by court order in March of 2012 and will require the imposition of assessments on life insurers in an amount greater than the current guaranty law limit of $500 million. This amendment would increase that assessment limit to $558 million and thereby provide the LICGC sufficient authority to cover the statutory obligations to ELNY beneficiaries contained in the current life insurance guaranty law. SUMMARY OF PROVISIONS: This bill would amend paragraph (1) of subsection (e) of section 7709 of the insurance law to increase the aggregate, total authority to assess members of the Life Insurance Company Guaranty Corporation of New York (life insurance companies licensed to do business in New York) to $558 million.
2011-S6507A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6507--A I N S E N A T E February 17, 2012 ___________ 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 and the tax 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. Paragraph 1 of subsection (e) of section 7709 of the insur- ance law, as added by chapter 802 of the laws of 1985, is amended to read as follows: (1) The total assessment against all member insurers for all impair- ments and insolvencies, less the amount of refunds (not including inter- est) to member insurers pursuant to subsection (f) of this section, shall not exceed five hundred million dollars, EXCEPT THAT WITH RESPECT TO A MEMBER INSURER THAT IS A DOMESTIC INSURER AND IS SUBJECT TO AN ORDER OF REHABILITATION UNDER ARTICLE SEVENTY-FOUR OF THIS CHAPTER AS OF MARCH FIRST TWO THOUSAND TWELVE, SUCH ASSESSMENT LIMIT SHALL BE FIVE HUNDRED FIFTY-EIGHT MILLION DOLLARS; PROVIDED, HOWEVER, THAT SUCH FIVE HUNDRED FIFTY-EIGHT MILLION DOLLAR LIMIT SHALL BE SUBJECT TO REDUCTION IN AN AMOUNT, IF ANY, DETERMINED BY THE SUPERINTENDENT, ON A DATE NOT EARLIER THAN TWELVE MONTHS AFTER THE ENTRY OF AN ORDER OF LIQUIDATION WITH RESPECT TO SUCH DOMESTIC INSURER, TO BE NOT NEEDED FOR THE CORPO- RATION TO BE ABLE TO PAY ITS OBLIGATIONS AND REASONABLE EXPENSES IN CONNECTION WITH THE LIQUIDATION OF SUCH DOMESTIC INSURER, BUT IN NO EVENT SHALL SUCH REDUCTION EXCEED FIFTY-EIGHT MILLION DOLLARS. S 2. Paragraph 1 of subdivision (f) of section 1511 of the tax law, as amended by chapter 803 of the laws of 1985, is amended to read as follows: (1) The maximum authorized credit for each taxpayer shall be deter- mined as provided in [subsection (a) of] section seven thousand seven hundred twelve of the insurance law. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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