Loading chat...

NY S06508

Bill

Official Source

Status

Engrossed

6/18/2014

Primary Sponsor

James Seward

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Amends New York Insurance Law Section 4207 to change the dividend distribution limitation for domestic stock life insurers from "lesser" to "greater"
  • Allows domestic stock life insurance companies to distribute dividends to shareholders up to the greater of: (A) ten percent of surplus to policyholders from the preceding calendar year, or (B) net gain from operations for the preceding calendar year excluding realized capital gains
  • Takes effect immediately upon enactment

Legislative Description

Relates to the distribution of dividends by any domestic life insurance company and limits the aggregate amount of such dividends in any calendar year.

Last Action

referred to insurance

6/18/2014

Committee Referrals

Insurance6/18/2014
Insurance1/31/2014

Full Bill Text

No bill text available