senate Bill S7587A

2017-2018 Legislative Session

Relates to returning to policy holders any money an insurer realizes due to the tax cuts and jobs act of 2017

download bill text pdf

Sponsored By

Current 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 05, 2018 referred to insurance
delivered to assembly
passed senate
Feb 02, 2018 print number 7587a
Feb 02, 2018 amend and recommit to rules
Jan 26, 2018 referred to rules

Co-Sponsors

S7587 - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§3231 & 4308, Ins L

S7587 - Summary

Returns to policy holders any money an insurer realizes due to the Tax Cuts and Jobs Act of 2017.

S7587 - Sponsor Memo

S7587 - Bill Text download pdf

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

                                  7587

                            I N  S E N A T E

                            January 26, 2018
                               ___________

Introduced  by  Sens.  HANNON, SEWARD -- read twice and ordered printed,
  and when printed to be committed to the Committee on Rules

AN ACT to amend the insurance law, in relation to  returning  to  policy
  holders any money an insurer realizes due to the tax cuts and jobs act
  of 2017

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

  Section 1. Paragraph 1 of subsection (e) of section 3231 of the insur-
ance law, as amended by chapter 107 of the laws of 2010, is  amended  by
adding a new subparagraph (C) to read as follows:
  (C)  ANY  REVENUE REALIZED AS A DIRECT RESULT OF REDUCED TAX LIABILITY
UNDER THE TAX CUTS AND JOBS ACT OF TWO THOUSAND SEVENTEEN, 115  H.R.  1,
SHALL  BE  RETURNED  TO  ALL  POLICY HOLDERS WITH THAT POLICY FORM.   AN
INSURER SHALL RETURN REVENUE BY EITHER:
  (1) SUBMITTING A RATE FILING APPLICATION WITH THE  SUPERINTENDENT  FOR
RATE REDUCTION; OR
  (2)  ISSUING PREMIUM REFUNDS OR CREDITS TO ALL POLICY HOLDERS ON A PRO
RATA BASIS.
  S 2. Section 4308 of the insurance law is  amended  by  adding  a  new
subsection (k) to read as follows:
  (K)  ANY  REVENUE REALIZED AS A DIRECT RESULT OF REDUCED TAX LIABILITY
UNDER THE TAX CUTS AND JOBS ACT OF TWO THOUSAND SEVENTEEN, 115  H.R.  1,
SHALL  BE  RETURNED  TO  ALL  POLICY HOLDERS WITH THAT POLICY FORM.   AN
INSURER SHALL RETURN REVENUE BY EITHER:
  (1) SUBMITTING A RATE FILING APPLICATION WITH THE  SUPERINTENDENT  FOR
RATE REDUCTION; OR
  (2)  ISSUING PREMIUM REFUNDS OR CREDITS TO ALL POLICY HOLDERS ON A PRO
RATA BASIS.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14519-01-8

Co-Sponsors

view additional co-sponsors

S7587A (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §§3231 & 4308, Ins L

S7587A (ACTIVE) - Summary

Returns to policy holders any money an insurer realizes due to the Tax Cuts and Jobs Act of 2017.

S7587A (ACTIVE) - Sponsor Memo

S7587A (ACTIVE) - Bill Text download pdf

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

                                 7587--A

                            I N  S E N A T E

                            January 26, 2018
                               ___________

Introduced  by  Sens.  HANNON,  SEWARD, LARKIN, SERINO -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Rules  --  committee  discharged,  bill  amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the insurance law, in relation to  returning  to  policy
  holders any money an insurer realizes due to the tax cuts and jobs act
  of 2017

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

  Section 1. Paragraph 1 of subsection (e) of section 3231 of the insur-
ance law, as amended by chapter 107 of the laws of 2010, is  amended  by
adding a new subparagraph (C) to read as follows:
  (C)  IN  DETERMINING  WHETHER A RATE FILING OR APPLICATION REGARDING A
POLICY FORM SUBJECT TO THIS SUBSECTION SHALL BECOME EFFECTIVE AS  FILED,
MODIFIED, OR DISAPPROVED, THE SUPERINTENDENT SHALL TAKE INTO ACCOUNT THE
PROSPECTIVE IMPACT OF A REDUCTION IN INCOME TAX WHICH IS A DIRECT RESULT
OF  THE FEDERAL TAX CUTS AND JOBS ACT OF TWO THOUSAND SEVENTEEN ON EARN-
INGS THAT ARE SPECIFICALLY ATTRIBUTABLE TO THE POLICY FORM THAT  IS  THE
SUBJECT  OF  THE  RATE FILING. PROVIDED, HOWEVER, UNDER NO CIRCUMSTANCES
SHALL SUCH CONSIDERATION RESULT IN AN APPROVED RATE WHICH IS NOT ACTUAR-
IALLY SOUND OR RESULT IN A PROJECTED INSUFFICIENT MARGIN FOR THE  UNDER-
LYING RISK FOR SUCH POLICY FORM.
  S 2. Subsection (c) of section 4308 of the insurance law is amended by
adding a new paragraph 5 to read as follows:
  (5)  IN  DETERMINING  WHETHER A RATE FILING OR APPLICATION REGARDING A
CONTRACT SUBJECT TO THIS SUBSECTION SHALL  BECOME  EFFECTIVE  AS  FILED,
MODIFIED, OR DISAPPROVED, THE SUPERINTENDENT SHALL TAKE INTO ACCOUNT THE
PROSPECTIVE IMPACT OF A REDUCTION IN INCOME TAX WHICH IS A DIRECT RESULT
OF  THE FEDERAL TAX CUTS AND JOBS ACT OF TWO THOUSAND SEVENTEEN ON EARN-
INGS THAT ARE SPECIFICALLY ATTRIBUTABLE TO  THE  CONTRACT  THAT  IS  THE
SUBJECT  OF  THE  RATE FILING. PROVIDED, HOWEVER, UNDER NO CIRCUMSTANCES
SHALL SUCH CONSIDERATION RESULT IN AN APPROVED RATE WHICH IS NOT ACTUAR-
IALLY SOUND OR RESULT IN A PROJECTED INSUFFICIENT MARGIN FOR THE  UNDER-
LYING RISK FOR SUCH POLICY FORM.
  S  3.  This  act shall take effect immediately and shall apply to rate
filings submitted for coverage in effect on or after January 1, 2019.

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