S. 6656(Seward)/A. 9882(Morelle)

Derivative Transactions

Summary:  The bill makes permanent the law permitting domestic life, property/casualty, reciprocal, mortgage guaranty, co-operative property/casualty, and financial guaranty insurers to enter into derivative and replication transactions in accordance with written derivative use plans approved by the Insurance Department.  The law authorizing such transactions was scheduled to sunset as of June 30, 2008.

Effective Date:  The bill is effective immediately.

Last Action: Approved and signed by the Governor on May 7, 2008 (Chapter 71 of the Laws of 2008).