S. 805-B(Seward)/A. 8818-A(Gianaris)

Life Companies; Foreign Investments

Summary:  The bill increases the aggregate amount of foreign investments that domestic life insurers are permitted to make under N.Y. Ins. Law § 1405 to a total of 22% of admitted assets from 15% of admitted assets.  The bill also expands the aggregate investment limit under N.Y. Ins. Law § 1405(a)(7)(C) to investments in jurisdictions rated “BBB”(investment grade), and adjusts the counterparty requirements applicable to foreign currency hedges for domestic life insurers with derivative use plans approved pursuant to N.Y. Ins. Law § 1410.

Effective Date:  The bill takes effect immediately.

Last Action: Approved and signed by the Governor on April 23, 2008 (Chapter 60 of the Laws of 2008).