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A06855 Summary:

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A06855 Floor Votes:

A06855 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6855
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 22, 2013
                                       ___________
 
        Introduced  by  M.  of  A.  SILVER, LAVINE, MORELLE, FARRELL, WEINSTEIN,
          CYMBROWITZ, GOLDFEDER, ROZIC, SIMANOWITZ, HIKIND, JACOBS, TITUS, SWEE-
          NEY, GLICK, ENGLEBRIGHT, PERRY, DINOWITZ, SCARBOROUGH, COLTON, CUSICK,
          BENEDETTO, MAISEL, GABRYSZAK, JAFFEE, SCHIMEL, TITONE, KELLNER,  MILL-
          ER,  THIELE, MOYA, BRINDISI, OTIS, ROSA -- Multi-Sponsored by -- M. of

          A. ABINANTI, ARROYO, BRENNAN, BRONSON, BUCHWALD,  CLARK,  FAHY,  GOTT-
          FRIED,   MAGEE,   MARKEY,  MAYER,  McDONALD,  MOSLEY,  NOLAN,  PAULIN,
          PEOPLES-STOKES, ROBINSON, RODRIGUEZ,  ROSENTHAL,  SIMOTAS,  SKARTADOS,
          WEISENBERG,  ZEBROWSKI  --  read once and referred to the Committee on
          Insurance
 
        AN ACT to amend the insurance law, in relation to investments in foreign
          states sponsoring terrorism
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. The legislature finds and declares all of the following:
     2    (1) The Federal Securities and Exchange Commission has determined that
     3  investments  in  foreign states sponsoring terrorism, such as Iran, that
     4  are subject to sanctions by the United States, may materially  harm  the

     5  share  value of foreign companies. Shares in these foreign companies may
     6  be held in the portfolio of insurance companies issuing policies to  New
     7  York consumers.
     8    (2)  Publicly  traded companies in the United States are substantially
     9  restricted in doing business in or with foreign states,  such  as  Iran,
    10  that  the United States Department of State has identified as sponsoring
    11  terrorism.
    12    (3) Identifying persons with investments in foreign  states,  such  as
    13  Iran,  that  sponsor  terrorism  and ensuring that those investments are
    14  financially sound is an important public policy priority.
    15    (4) It is the government of Iran, and not the people of Iran, that  is
    16  responsible  for  Iran's support of terrorism and that commits egregious
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD10320-02-3
        A. 6855                             2
 
     1  violations of human rights under which its own citizens are required  to
     2  live.
     3    § 2. The insurance law is amended by adding a new section 1415 to read
     4  as follows:
     5    §  1415.  Investments of domestic insurers in persons included on list
     6  of persons engaged in investment activities in Iran treated as nonadmit-
     7  ted assets. 1. As used in this section, the following definitions  shall
     8  apply:
     9    (a)  "Iran"  shall  have  the  same  definition as used in section one
    10  hundred sixty-five-a of the state finance law.

    11    (b) "Person" shall have the same definition as  used  in  section  one
    12  hundred sixty-five-a of the state finance law.
    13    (c)  "Investment"  shall  mean  any investment permitted under section
    14  fourteen hundred four or fourteen hundred five of this article.
    15    2. Investments by a domestic insurer in persons which are included  on
    16  the  list  of persons created by the office of general services pursuant
    17  to  paragraph  (b)  of  subdivision  three  of   section   one   hundred
    18  sixty-five-a  of  the  state finance law shall be treated as nonadmitted
    19  assets.
    20    3. On or before December thirtieth, two thousand thirteen, and annual-
    21  ly thereafter, the insurer shall determine what investments  it  had  in

    22  the  past  calendar year, including any transfers or other transactions,
    23  in persons which are included on the list  of  persons  created  by  the
    24  office  of  general  services  pursuant  to paragraph (b) of subdivision
    25  three of section one hundred sixty-five-a of the state finance law.
    26    4. On March first, two thousand fourteen, and annually thereafter, the
    27  insurer shall provide the department with a list of investments  it  had
    28  in  the  past  calendar  year,  including  any transfers or other trans-
    29  actions, in persons included on the  list  of  persons  created  by  the
    30  office  of  general  services  described  in  subdivision  three of this
    31  section, including, but not limited to, the issuer, by name, of all  the

    32  stock, bonds, securities, and other evidence of indebtedness.
    33    5.  This  section shall cease to be operative if both of the following
    34  apply:
    35    (a) Iran is removed from the United States department of state's  list
    36  of countries that have been determined to repeatedly provide support for
    37  acts of international terrorism.
    38    (b)  Pursuant to the appropriate federal statute, the president of the
    39  United States determines and certifies to the appropriate  committee  of
    40  the  congress  of  the United States that Iran has ceased its efforts to
    41  design, develop, manufacture, or acquire a nuclear explosive  device  or
    42  related materials and technology.
    43    §  3.  If any clause, sentence, paragraph, section or part of this act

    44  shall be adjudged by any court of competent jurisdiction to be  invalid,
    45  such judgment shall not affect, impair or invalidate the remainder ther-
    46  eof,  but  shall  be  confined in its operation to the clause, sentence,
    47  paragraph, section or part thereof directly involved in the  controversy
    48  in which such judgment shall have been rendered.
    49    §  4.  This  act shall take effect on the ninetieth day after it shall
    50  have become a law; provided, however, that  effective  immediately,  the
    51  addition,  amendment,  and/or repeal of any rule or regulation necessary
    52  for the implementation of this act on its effective date are  authorized
    53  and directed to be made and completed on or before such effective date.