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Who cares
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Sponsors
No co-sponsors yet.
History
- Signed chap.8
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.406
- Substituted for A9197
- Referred to insurance
- Returned to assembly
- Repassed senate
- Amended on third reading 6395a
- Vote reconsidered - restored to third reading
- Returned to senate
Show 6 earlier actions
- Recalled from assembly
- Referred to insurance
- Delivered to assembly
- Passed senateVote 59–2
- Ordered to third reading cal.26
- Referred to rules
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 the board of directors of domestic life insurance companies
Assembly Floor Calendar · Sponsor James Skoufis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to the board of directors of domestic life insurance companies
Purpose
The purpose of this bill is to amend Chapter 575 of the laws of 2015 in relation to revising the standards relating to the board of directors of domestic life insurance companies
Summary of provisions
Section 1. Amends subsection (b) of section 1202 of the insurance law to allow a parent corporation or holding company of a foreign or domestic life insurance company, mutual insurance holding company established pursuant to the laws of the United States, or a publicly held corporation incorporated in the United States, having a board of directors and committees that meet the same requirements as have been established for a domestic stock life insurance company pursuant to section 1202 of the insurance law, to use the independent board of directors of the parent for the purposes of satisfying the domestic life insurance company's obligation under section 1202.
Justification
This bill makes changes to Chapter 575 of the Laws of 2015. This bill allows the parent corporation or holding company of a domestic life insurance company to use its own independent board of directors to satisfy the independent board of director requirement for domestic life insurance companies under section 1202(b) of the Insurance law. This bill limits the type of parent corporation or holding company that may avail itself of this language to only parent and holding companies that are U.S. companies. Furthermore, this bill states that the independent board of the parent must perform the duties required of an independent board within the New York State Insurance law in the same manner as the domestic life insurance subsidiary.
Legislative history
New bill.
Fiscal implications
None
Effective date
This act shall take effect on the same date and in the same manner as a chapter of the laws of 2015, amending the insurance law relating to revising the standards relating to the board of directors of domestic life insurance companies, as proposed in legislative bills numbers S.3012 and A.7458-A, takes effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.