Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 08, 2020 |
referred to insurance |
Apr 16, 2019 |
referred to insurance |
Senate Bill S5212
2019-2020 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- 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
2019-S5212 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§4219 & 1307, Ins L
- Versions Introduced in 2021-2022 Legislative Session:
-
S3568
2019-S5212 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5212 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to the limitation on the accumulation of surplus of life insurance companies SUMMARY OF PROVISIONS: Section one amends section 4219 of the insurance law to increase the maximum surplus calculation formula from ten percent to twenty percent and clarify that surplus notes are excluded from the maximum surplus calculation. Section two amends section 1307 of the insurance law to clarify that surplus notes are excluded from the maximum surplus calculation in section 4219 of the insurance law. PURPOSE: Relates to increasing the maximum surplus calculation formula for domes-
2019-S5212 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5212 2019-2020 Regular Sessions I N S E N A T E April 16, 2019 ___________ Introduced by Sen. BRESLIN -- 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 limitation on the accumulation of surplus of life insurance companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs 1 and 2 of subsection (a) section 4219 of the insurance law, as amended by chapter 340 of the laws of 2005, are amended and a new subsection (d) is added to read as follows: (1) Any domestic mutual life insurance company may maintain a surplus, above all of its reserves and liabilities required or specifically permitted by this chapter, not exceeding the greatest of (A) eight hundred fifty thousand dollars, or (B) [ten] TWENTY percent of its poli- cy reserves and policy liabilities, or (C) [ten] TWENTY percent of its policy reserves and policy liabilities plus (i) the product of three and its authorized control level RBC as determined in accordance with section one thousand three hundred twenty-two of this chapter minus (ii) the asset valuation reserve as reported in its annual statement, or (D) the minimum amount of capital and surplus required by law of another state in which the company is authorized to do business. (2) Any domestic stock life insurance company issuing participating policies only or both participating and non-participating policies or contracts in accordance with subsection (f) of section four thousand two hundred thirty-one of this article, may maintain a participating policy- holders' surplus, above all of its reserves and liabilities arising out of participating policies, required or specifically permitted by the provisions of this chapter, not exceeding the greatest of (A) two hundred fifty thousand dollars, or (B) [ten] TWENTY percent of such policy reserves and such policy liabilities, or (C) [ten] TWENTY percent of such policy reserves and policy liabilities plus the amount derived by prorating, based upon the ratio of participating assets to admitted EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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