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NY S03499

Bill

Official Source

Status

Passed

8/30/2010

Primary Sponsor

Neil Breslin

Click for details

Origin

Senate

2009-2010 General Assembly

AI Summary

  • Amends Insurance Law Section 1404(a) to add credit union shares, share certificates, and share draft accounts as authorized reserve investments for non-life insurers
  • Limits eligible investments to amounts that are assumed, guaranteed, or insured by the United States or any federal agency or instrumentality
  • Applies to shares and accounts issued by both state-chartered credit unions and federal credit unions
  • Takes effect immediately upon enactment

Legislative Description

Provides that reserve investments of a domestic insurer shall include shares, share certificates and share draft accounts issued by credit unions not to exceed the amount which are assumed, guaranteed or insured by the US or any agency thereof.

Last Action

SIGNED CHAP.461

8/30/2010

Committee Referrals

Insurance5/25/2010
Insurance3/20/2009

Full Bill Text

No bill text available