Bill Text: NY S05083 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to investments in foreign states sponsoring terrorism.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-06-21 - SUBSTITUTED BY A6855 [S05083 Detail]
Download: New_York-2013-S05083-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5083
2013-2014 Regular Sessions
I N S E N A T E
May 8, 2013
___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed 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
17 violations of human rights under which its own citizens are required to
18 live.
19 S 2. The insurance law is amended by adding a new section 1415 to read
20 as follows:
21 S 1415. INVESTMENTS OF DOMESTIC INSURERS IN PERSONS INCLUDED ON LIST
22 OF PERSONS ENGAGED IN INVESTMENT ACTIVITIES IN IRAN TREATED AS NONADMIT-
23 TED ASSETS. 1. AS USED IN THIS SECTION, THE FOLLOWING DEFINITIONS SHALL
24 APPLY:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10320-02-3
S. 5083 2
1 (A) "IRAN" SHALL HAVE THE SAME DEFINITION AS USED IN SECTION ONE
2 HUNDRED SIXTY-FIVE-A OF THE STATE FINANCE LAW.
3 (B) "PERSON" SHALL HAVE THE SAME DEFINITION AS USED IN SECTION ONE
4 HUNDRED SIXTY-FIVE-A OF THE STATE FINANCE LAW.
5 (C) "INVESTMENT" SHALL MEAN ANY INVESTMENT PERMITTED UNDER SECTION
6 FOURTEEN HUNDRED FOUR OR FOURTEEN HUNDRED FIVE OF THIS ARTICLE.
7 2. INVESTMENTS BY A DOMESTIC INSURER IN PERSONS WHICH ARE INCLUDED ON
8 THE LIST OF PERSONS CREATED BY THE OFFICE OF GENERAL SERVICES PURSUANT
9 TO PARAGRAPH (B) OF SUBDIVISION THREE OF SECTION ONE HUNDRED
10 SIXTY-FIVE-A OF THE STATE FINANCE LAW SHALL BE TREATED AS NONADMITTED
11 ASSETS.
12 3. ON OR BEFORE DECEMBER THIRTIETH, TWO THOUSAND THIRTEEN, AND ANNUAL-
13 LY THEREAFTER, THE INSURER SHALL DETERMINE WHAT INVESTMENTS IT HAD IN
14 THE PAST CALENDAR YEAR, INCLUDING ANY TRANSFERS OR OTHER TRANSACTIONS,
15 IN PERSONS WHICH ARE INCLUDED ON THE LIST OF PERSONS CREATED BY THE
16 OFFICE OF GENERAL SERVICES PURSUANT TO PARAGRAPH (B) OF SUBDIVISION
17 THREE OF SECTION ONE HUNDRED SIXTY-FIVE-A OF THE STATE FINANCE LAW.
18 4. ON MARCH FIRST, TWO THOUSAND FOURTEEN, AND ANNUALLY THEREAFTER, THE
19 INSURER SHALL PROVIDE THE DEPARTMENT WITH A LIST OF INVESTMENTS IT HAD
20 IN THE PAST CALENDAR YEAR, INCLUDING ANY TRANSFERS OR OTHER TRANS-
21 ACTIONS, IN PERSONS INCLUDED ON THE LIST OF PERSONS CREATED BY THE
22 OFFICE OF GENERAL SERVICES DESCRIBED IN SUBDIVISION THREE OF THIS
23 SECTION, INCLUDING, BUT NOT LIMITED TO, THE ISSUER, BY NAME, OF ALL THE
24 STOCK, BONDS, SECURITIES, AND OTHER EVIDENCE OF INDEBTEDNESS.
25 5. THIS SECTION SHALL CEASE TO BE OPERATIVE IF BOTH OF THE FOLLOWING
26 APPLY:
27 (A) IRAN IS REMOVED FROM THE UNITED STATES DEPARTMENT OF STATE'S LIST
28 OF COUNTRIES THAT HAVE BEEN DETERMINED TO REPEATEDLY PROVIDE SUPPORT FOR
29 ACTS OF INTERNATIONAL TERRORISM.
30 (B) PURSUANT TO THE APPROPRIATE FEDERAL STATUTE, THE PRESIDENT OF THE
31 UNITED STATES DETERMINES AND CERTIFIES TO THE APPROPRIATE COMMITTEE OF
32 THE CONGRESS OF THE UNITED STATES THAT IRAN HAS CEASED ITS EFFORTS TO
33 DESIGN, DEVELOP, MANUFACTURE, OR ACQUIRE A NUCLEAR EXPLOSIVE DEVICE OR
34 RELATED MATERIALS AND TECHNOLOGY.
35 S 3. If any clause, sentence, paragraph, section or part of this act
36 shall be adjudged by any court of competent jurisdiction to be invalid,
37 such judgment shall not affect, impair or invalidate the remainder ther-
38 eof, but shall be confined in its operation to the clause, sentence,
39 paragraph, section or part thereof directly involved in the controversy
40 in which such judgment shall have been rendered.
41 S 4. This act shall take effect on the ninetieth day after it shall
42 have become a law; provided, however, that effective immediately, the
43 addition, amendment, and/or repeal of any rule or regulation necessary
44 for the implementation of this act on its effective date are authorized
45 and directed to be made and completed on or before such effective date.
