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Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Substituted by A6855
- Ordered to third reading cal.1610
- Committee discharged and committed to rules
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to investments in foreign states sponsoring terrorism
Signed by Governor · Sponsor Sheldon Silver
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5083
Title of bill
An act to amend the insurance law, in relation to investments in foreign states sponsoring terrorism
Purpose
The purpose of this bill is to prohibit investments made by insurance companies in certain foreign companies who do business in Iran from being considered an admitted asset.
Summary of provisions
This bill would establish that investments made by domestic insurance companies in companies that invest in the Iranian energy sector are non-admitted assets. This bill would require that on or before December 30, 2013, and annually thereafter, insurers determine what investments, transfers, or other transactions they have made in the past calendar year with companies included on the list of companies that invest in the Iranian energy sector maintained by the Office of General Services in accordance with subdivision three of section 165-a of the NYS Finance Law. On March 1, 2014, and annually thereafter, insurers would be required to provide the Department of Financial Services with the list of investments.
Justification
In 2012, New York State enacted the Iranian Divestment Act, which prohibits entities that invest in the Iranian energy sector from obtaining state and local government contracts (Chapter 1 of the Laws of 2012). This bill would build upon that precedent by prohibiting domestic insurance companies from including investments in such entitles as admitted assets. Currently, domestic insurance companies may have in their portfolios shares in foreign entities that invest in Iran. New York State may regulate the investments of insurance companies in this state in order to protect citizens who may purchase polices and thus limiting their exposure to undue risks. Prohibiting insurers from investing in such entities is sound public policy, and it ensures that the investments of domestic insurers are financially sound.
Legislative history
New bill.
Fiscal implications
None noted.
Effective date
90 days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.