Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 28, 2015 |
approval memo.40 signed chap.586 |
Dec 18, 2015 |
delivered to governor |
Jun 09, 2015 |
returned to senate passed assembly ordered to third reading rules cal.111 substituted for a5202b |
Jun 09, 2015 |
substituted by s1380b rules report cal.111 reported |
Jun 03, 2015 |
reported referred to rules |
May 27, 2015 |
print number 5202b |
May 27, 2015 |
amend and recommit to insurance |
May 14, 2015 |
print number 5202a |
May 14, 2015 |
amend and recommit to insurance |
Feb 13, 2015 |
referred to insurance |
Assembly Bill A5202A
Signed By Governor2015-2016 Legislative Session
Sponsored By
BRINDISI
Archive: Last Bill Status Via S1380 - 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
2015-A5202 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4207, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A9072
2015-A5202 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5202 2015-2016 Regular Sessions I N A S S E M B L Y February 13, 2015 ___________ 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. LBD06932-01-5
2015-A5202A - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4207, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A9072
2015-A5202A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5202--A 2015-2016 Regular Sessions I N A S S E M B L Y February 13, 2015 ___________ Introduced by M. of A. BRINDISI -- read once and referred to the Commit- tee 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. LBD06932-02-5
2015-A5202B (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4207, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A9072
2015-A5202B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5202--B 2015-2016 Regular Sessions I N A S S E M B L Y February 13, 2015 ___________ Introduced by M. of A. BRINDISI -- read once and referred to the Commit- tee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, 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. 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 GAIN FROM OPERATIONS, NOT INCLUDING REALIZED CAPITAL GAINS, WAS NEGATIVE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06932-05-5
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