Bill Text: NY S03499 | 2009-2010 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2010-08-30 - SIGNED CHAP.461 [S03499 Detail]

Download: New_York-2009-S03499-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3499--A
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                    March 20, 2009
                                      ___________
       Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
         printed to be committed to the Committee  on  Insurance  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       AN ACT to amend the insurance law, in relation to including credit union
         shares,  share  certificates  and  share  draft accounts as authorized
         reserve investments for non-life insurers
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subsection  (a)  of  section 1404 of the insurance law is
    2  amended by adding a new paragraph 11 to read as follows:
    3    (11) CREDIT UNION SHARES, SHARE CERTIFICATES AND SHARE DRAFT ACCOUNTS.
    4  SHARES, SHARE CERTIFICATES AND SHARE DRAFT  ACCOUNTS  ISSUED  BY  CREDIT
    5  UNIONS  AND  FEDERAL  CREDIT  UNIONS NOT TO EXCEED THE AMOUNTS WHICH ARE
    6  ASSUMED, GUARANTEED OR INSURED BY THE UNITED STATES  OR  ANY  AGENCY  OR
    7  INSTRUMENTALITY THEREOF.
    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.
                                                                  LBD10554-02-9