senate Bill S2895A

2013-2014 Legislative Session

Establishes the interstate insurance product regulation compact to regulate certain insurance products among member states

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Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (20)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 09, 2014 referred to insurance
delivered to assembly
passed senate
May 19, 2014 advanced to third reading
May 14, 2014 2nd report cal.
May 13, 2014 1st report cal.720
Apr 29, 2014 print number 2895a
amend and recommit to finance
Feb 10, 2014 reported and committed to finance
Jan 08, 2014 referred to insurance
returned to senate
died in assembly
Jun 03, 2013 referred to insurance
delivered to assembly
passed senate
May 08, 2013 advanced to third reading
May 07, 2013 2nd report cal.
May 06, 2013 1st report cal.556
Feb 11, 2013 reported and committed to finance
Jan 24, 2013 referred to insurance

Votes

view votes

May 13, 2014 - Finance committee Vote

S2895A
31
4
committee
31
Aye
4
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Feb 10, 2014 - Insurance committee Vote

S2895
17
0
committee
17
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

May 6, 2013 - Finance committee Vote

S2895
28
0
committee
28
Aye
0
Nay
4
Aye with Reservations
1
Absent
3
Excused
0
Abstained
show committee vote details

Feb 11, 2013 - Insurance committee Vote

S2895
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S2895 - Details

See Assembly Version of this Bill:
A1983A
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3057B, A4432C
2009-2010: S4869B, A6191

S2895 - Summary

Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.

S2895 - Sponsor Memo

S2895 - Bill Text download pdf

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

                                  2895

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 24, 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  establishing  the
  interstate  insurance  product  regulation compact to regulate certain
  insurance products and providing for the  repeal  of  such  provisions
  upon expiration thereof

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

  Section 1. Legislative findings and intent. An interstate  compact  is
an  agreement  between states that permits states to cooperate on multi-
state or national issues while retaining state control. There  are  over
two  hundred  interstate compacts currently in existence and every state
belongs to at least fourteen such  compacts.  The  interstate  insurance
product regulation compact is designed to streamline state product regu-
lation systems to allow insurers to more quickly market certain types of
insurance  products nationally and to reduce the number of variations of
the same product that a company must produce to  meet  specific  product
standards.  The  compact  would  cover individual and group products for
life insurance, annuities, disability income and long-term  care  insur-
ance.  The  state of New York seeks to join with other states and estab-
lish the interstate insurance product regulation compact  and  become  a
member of the interstate insurance product regulation commission.
  S  2.  The insurance law is amended by adding a new article 88 to read
as follows:

                               ARTICLE 88
             INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

SECTION 8801. SHORT TITLE.
        8802. PURPOSE.
        8803. DEFINITIONS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01801-01-3

Co-Sponsors

S2895A (ACTIVE) - Details

See Assembly Version of this Bill:
A1983A
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add Art 88 §§8801 - 8817, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3057B, A4432C
2009-2010: S4869B, A6191

S2895A (ACTIVE) - Summary

Establishes the "Interstate insurance product regulation compact" to regulate certain insurance products among member states and to promote and protect the interest of consumers of individual and group annuity, life insurance, disability income and long-term care insurance products.

S2895A (ACTIVE) - Sponsor Memo

S2895A (ACTIVE) - Bill Text download pdf

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

                                 2895--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 24, 2013
                               ___________

Introduced  by  Sens.  SEWARD, LARKIN -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Insurance  --
  recommitted  to  the  Committee on Insurance in accordance with Senate
  Rule 6, sec. 8 -- reported favorably from said committee and committed
  to the Committee on Finance --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  insurance  law, in relation to establishing the
  interstate insurance product regulation compact  to  regulate  certain
  insurance  products  and  providing  for the repeal of such provisions
  upon expiration thereof

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

  Section  1.  Legislative findings and intent. An interstate compact is
an agreement between states that permits states to cooperate  on  multi-
state  or  national issues while retaining state control. There are over
two hundred interstate compacts currently in existence and  every  state
belongs  to  at  least  fourteen such compacts. The interstate insurance
product regulation compact is designed to streamline state product regu-
lation systems to allow insurers to more quickly market certain types of
insurance products nationally and to reduce the number of variations  of
the  same  product  that a company must produce to meet specific product
standards. The compact would cover individual  and  group  products  for
life  insurance,  annuities, disability income and long-term care insur-
ance. The state of New York seeks to join with other states  and  estab-
lish  the  interstate  insurance product regulation compact and become a
member of the interstate insurance product regulation commission.
  S 2. The insurance law is amended by adding a new article 88  to  read
as follows:

                               ARTICLE 88
             INTERSTATE INSURANCE PRODUCT REGULATION COMPACT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01801-02-4

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