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NY A03885
Bill
Status
2/8/2023
Primary Sponsor
Erik Dilan
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AI Summary
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Imposes a tax of 9.63% on dividends, funds, and payments from commercial health insurance programs paid by domestic insurers to out-of-state entities within their holding company system, effective April 1, 2023.
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Exempts payments for services performed, including reinsurance treaties and systematic service agreements, from the tax.
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Tax applies only to initial transfers to out-of-state entities and not to subsequent distributions to shareholders or other persons from those entities.
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All collected taxes shall be deposited into the New York State Agency Trust Fund, Distressed Provider Assistance Account.
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Requires domestic insurers to report all taxable payments, transfers, distributions, and loans to the superintendent in the manner and form prescribed.
Legislative Description
Imposes a tax on out-of-state transfers, dividends, payments, and loans by certain accident and health insurance companies and health maintenance organizations to be deposited in the New York state agency trust fund, distressed provider assistance account.
Last Action
referred to insurance
1/3/2024