Assembly Bill A5202B

Signed By Governor
2015-2016 Legislative Session

Relates to the distribution of dividends

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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

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Bill Amendments

2015-A5202 - Details

See Senate Version of this Bill:
S1380
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
A9072, S6508

2015-A5202 - 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-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

See Senate Version of this Bill:
S1380
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
A9072, S6508

2015-A5202A - 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-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

See Senate Version of this Bill:
S1380
Law Section:
Insurance Law
Laws Affected:
Amd §4207, Ins L
Versions Introduced in 2013-2014 Legislative Session:
A9072, S6508

2015-A5202B (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-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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