Bill Text: NY S06507 | 2011-2012 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to increasing the aggregate cap on liabilities for life insurers under the life insurance guaranty corporation for the purposes of determining assessments on insurers.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2012-07-18 - SIGNED CHAP.217 [S06507 Detail]

Download: New_York-2011-S06507-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6507
                                   I N  S E N A T E
                                   February 17, 2012
                                      ___________
       Introduced  by  Sen.  SEWARD -- 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  life  insurance
         company guaranty corporation of New York
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
    2  ance law, as added by chapter 802 of the laws of  1985,  is  amended  to
    3  read as follows:
    4    (1)  The  total assessment against all member insurers for all impair-
    5  ments and insolvencies, less the amount of refunds (not including inter-
    6  est) to member insurers pursuant to  subsection  (f)  of  this  section,
    7  shall not exceed five hundred SEVENTY-FIVE million dollars.
    8    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14723-01-2