Assembly Bill A6164

Signed By Governor
2023-2024 Legislative Session

Relates to financial guaranty insurance single risk limits for municipal obligation bonds, special revenue bonds and similar obligations of debt issuers

download bill text pdf

Sponsored By

Current 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

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2023-A6164 (ACTIVE) - Details

See Senate Version of this Bill:
S3612
Law Section:
Insurance Law
Laws Affected:
Amd §§6901, 6902 & 6904, Ins L

2023-A6164 (ACTIVE) - Summary

Relates to financial guaranty insurance single risk limits for municipal obligation bonds, special revenue bonds and similar obligations of debt issuers in highly rated member countries of the Organisation of Economic Co-operation and Development; makes certain technical corrections.

2023-A6164 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6164
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 3, 2023
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend  the insurance law, in relation to financial guaranty
   insurance single risk limits for municipal obligation  bonds,  special
   revenue  bonds and similar obligations of debt issuers in highly rated
   member countries of the  Organisation  of  Economic  Co-operation  and
   Development
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (I)  of  paragraph  4  of  subsection  (g)  of
 section 6901 of the insurance law, as amended by chapter 672 of the laws
 of 2005, is amended to read as follows:
   (I)  is  issued  by a bank, trust company, or savings and loan associ-
 ation that:
   (i) is organized and existing under the laws of the United  States  or
 any  state  thereof or, in the case of a non-domestic financial institu-
 tion, has a branch or agency office  licensed  under  the  laws  of  the
 United  States or any state thereof and is domiciled in a member country
 of the Organisation for Economic Co-operation and Development  having  a
 sovereign  rating  in one of the top two generic lettered rating classi-
 fications by a [securities]  NATIONALLY  RECOGNIZED  STATISTICAL  rating
 [agency] ORGANIZATION acceptable to the superintendent;
   (ii)  has  (or  is  the  principal operating subsidiary of a financial
 institution holding company that has) a  long-term  debt  rating  of  at
 least investment grade; and
   (iii)  is  not  a  parent,  subsidiary  or affiliate of the trustee or
 paying agent, if any, with respect to the  insured  obligation  if  such
 trustee  [of]  OR paying agent is the named beneficiary of the letter of
 credit; or
   § 2. Subsections (k), (n) and (s) of section  6901  of  the  insurance
 law,  subsection  (k)  as  amended  by  chapter 605 of the laws of 2004,

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08656-01-3
              

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