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S06507 Summary:

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S06507 Floor Votes:

S06507 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6507--A
 
                    IN SENATE
 
                                    February 17, 2012
                                       ___________
 
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the  Committee  on  Insurance  --  reported
          favorably  from  said  committee  and  committed  to  the Committee on
          Finance -- committee discharged, bill amended,  ordered  reprinted  as
          amended and recommitted to said committee
 
        AN  ACT  to  amend the insurance law and the tax law, in relation to the

          life insurance company guaranty corporation of New York
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 1 of subsection (e) of section 7709 of the insur-
     2  ance  law,  as  added  by chapter 802 of the laws of 1985, is amended to
     3  read as follows:
     4    (1) The total assessment against all member insurers for  all  impair-
     5  ments and insolvencies, less the amount of refunds (not including inter-
     6  est)  to  member  insurers  pursuant  to subsection (f) of this section,
     7  shall not exceed five hundred million dollars, except that with  respect
     8  to  a  member  insurer  that  is a domestic insurer and is subject to an
     9  order of rehabilitation under article seventy-four of this chapter as of

    10  March first two thousand twelve, such assessment  limit  shall  be  five
    11  hundred  fifty-eight  million dollars; provided, however, that such five
    12  hundred fifty-eight million dollar limit shall be subject  to  reduction
    13  in  an  amount,  if any, determined by the superintendent, on a date not
    14  earlier than twelve months after the entry of an  order  of  liquidation
    15  with  respect  to such domestic insurer, to be not needed for the corpo-
    16  ration to be able to pay its  obligations  and  reasonable  expenses  in
    17  connection  with  the  liquidation  of  such domestic insurer, but in no
    18  event shall such reduction exceed fifty-eight million dollars.
    19    § 2. Paragraph 1 of subdivision (f) of section 1511 of the tax law, as

    20  amended by chapter 803 of the laws  of  1985,  is  amended  to  read  as
    21  follows:
    22    (1)  The  maximum  authorized credit for each taxpayer shall be deter-
    23  mined as provided in [subsection (a) of] section  seven  thousand  seven
    24  hundred twelve of the insurance law.
    25    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14723-03-2