Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 12, 2016 |
signed chap.1 |
Feb 01, 2016 |
delivered to governor returned to senate passed assembly ordered to third reading rules cal.1 substituted for a9107 referred to insurance delivered to assembly passed senate ordered to third reading cal.86 |
Jan 29, 2016 |
referred to rules |
Senate Bill S6601
Signed By Governor2015-2016 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
2015-S6601 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9107
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง4207, Ins L
2015-S6601 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6601 TITLE OF BILL : An act to amend the insurance law, in relation to the distribution of dividends by domestic stock life insurers PURPOSE : To amend and make technical changes to Chapter 586 of the laws of 2015 relating to the distribution of dividends by domestic life insurers SUMMARY OF PROVISIONS : Section 1. Amends subsection (a) of Section 4207 of the insurance law by adding a new paragraph (1) defining the term "earned surplus" to mean an amount equal to an insurer's positive unassigned funds, excluding eighty-five percent of the change in net unrealized capital gains or losses less capital gains tax, for the immediately preceding calendar year as set forth in the insurer's most recent annual statutory financial statement filed with the superintendent of financial service pursuant to section 307 of the insurance law. Paragraph (2) is amended to reflect the change in numbering. It is further amended to allow any domestic stock life insurer to distribute a dividend to its shareholders out of earned surplus the aggregate amount of such insurer's dividends in any calendar year must not exceed the "greater of either: 10% of surplus to policyholders, as of
2015-S6601 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6601 I N S E N A T E January 29, 2016 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the insurance law, in relation to the distribution of dividends 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 a chapter of the laws of 2015 amending the insurance law relating to the distribution of dividends by domestic stock life insur- ers, as proposed in legislative bills numbers S.1380-B and A.5202-B, is amended to read as follows: (a)(1) FOR PURPOSES OF THIS SUBSECTION, "EARNED SURPLUS" MEANS AN AMOUNT EQUAL TO AN INSURER'S POSITIVE UNASSIGNED FUNDS, EXCLUDING EIGHT- Y-FIVE PERCENT OF THE CHANGE IN NET UNREALIZED CAPITAL GAINS OR LOSSES LESS CAPITAL GAINS TAX, FOR THE IMMEDIATELY PRECEDING CALENDAR YEAR AS SET FORTH IN THE INSURER'S MOST RECENT ANNUAL STATUTORY FINANCIAL STATE- MENT FILED WITH THE SUPERINTENDENT PURSUANT TO SECTION THREE HUNDRED SEVEN OF THIS CHAPTER. (2) Notwithstanding paragraph [two] FIVE of this subsection, any domestic stock life insurance company may distribute a dividend to its shareholders OUT OF EARNED SURPLUS where the aggregate amount of such dividends in any calendar year does not exceed the 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] THIRTY percent of its surplus to policyholders as of the imme- diately preceding calendar year; provided, however, that, notwithstand- ing this paragraph, in no event may a dividend be distributed without approval of the superintendent, in accordance with paragraph [two] FIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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