NY S06048

Amends the 2012 Iran Divestment Act to expand the definition of "financial institution" to include banking organizations, securities firms, insurance companies, and other financial service providers beyond the previous federal definition.

Extends divestment requirements to Iran's financial sector in addition to the energy sector, and adds language addressing terrorist activities and threats to New York State.

Broadens the scope of multilateral development institutions exempt from divestment requirements by specifically listing organizations including the World Bank, European Bank for Reconstruction and Development, and regional development banks.

Requires the state commissioner to report annually to the governor and legislature on implementation of the New York State Iran Divestment Act and any adopted rules or regulations.

Repeals subsection 5 of section 1415 of the insurance law and takes effect immediately, with protections against repeal except through a duly executed treaty approved by two-thirds of the United States Senate.