New York A05600 amends the insurance law to address voidable transfers affecting a federal home loan bank, including injunctions and delinquency.

New York A05600 amends the insurance law to prevent federal home loan banks from being enjoined or prohibited from enforcing security agreements with insurer-members. It prohibits receivers from voiding certain transfers made before formal proceedings unless they were intended to defraud. The bill also mandates that receivers cannot disavow or reject security agreements. It requires federal home loan banks to provide options for restructuring advances and to support the insurance department during delinquency proceedings. The act takes effect immediately.

New York A05600 amends the insurance law to address voidable transfers affecting a federal home loan bank, including injunctions and delinquency.

New York A05600 amends the insurance law to prevent federal home loan banks from being enjoined or prohibited from enforcing security agreements with insurer-members. It prohibits receivers from voiding certain transfers made before formal proceedings unless they were intended to defraud. The bill also mandates that receivers cannot disavow or reject security agreements. It requires federal home loan banks to provide options for restructuring advances and to support the insurance department during delinquency proceedings. The act takes effect immediately.