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Assembly Bill A4061

2011-2012 Legislative Session

Relates to the reserve valuation method for certain policies and contracts

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Archive: Last Bill Status - In Assembly Committee

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2011-A4061 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง4217, Ins L
Versions Introduced in 2009-2010 Legislative Session:
A5300

2011-A4061 (ACTIVE) - Summary

Amends the reserve valuation method for certain life insurance policies and contracts issued after December 31, 2010 which provide certain death benefits.

2011-A4061 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4061

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 1, 2011
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law,  in  relation  to  the  valuation  of
  certain policies and contracts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (D)  of  paragraph  6  of  subsection  (c)  of
section  4217  of the insurance law is relettered subparagraph (E) and a
new subparagraph (D) is added to read as follows:
  (D) RESERVES ACCORDING TO THE SUPERINTENDENT'S RESERVE VALUATION METH-
OD FOR INDIVIDUAL LIFE INSURANCE POLICIES SUBJECT TO SUBSECTION  (B)  OF
SECTION  FOUR  THOUSAND  TWO HUNDRED THIRTY-TWO OF THIS ARTICLE THAT ARE
ISSUED AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND TEN  AND  THAT  PROVIDE
FOR  DEATH BENEFITS THAT ARE GUARANTEED TO REMAIN IN EFFECT IF SPECIFIED
CONDITIONS, AS DEFINED IN THE LIFE INSURANCE  POLICY,  ARE  MET  BY  THE
POLICY OWNER, THE VALUE OF THE GUARANTEE SHALL BE CALCULATED BY A METHOD
CONSISTENT  WITH  THE  PRINCIPLES  OF  THIS SECTION AND THE USE OF LAPSE
RATES NOT TO EXCEED TWO PERCENT PER ANNUM.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05382-01-1

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