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Senate Bill S8024

2017-2018 Legislative Session

Relates to principle based reserves

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Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee

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2017-S8024 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L

2017-S8024 (ACTIVE) - Summary

Provides that the superintendent's principle based valuation method shall be the reserve standards, valuation methods and related requirements in the Valuation Manual adopted by the National Association of Insurance Commissioners unless otherwise determined by the commissioner.

2017-S8024 (ACTIVE) - Sponsor Memo

2017-S8024 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8024
 
                             I N  S E N A T E
 
                              March 20, 2018
                                ___________
 
 Introduced  by Sen. SEWARD -- (at request of the Department of Financial
   Services) -- 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 principle based
   reserves
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  4217 of the insurance law is amended by adding a
 new subsection (g) to read as follows:
   (G) (1) THIS SUBSECTION SHALL APPLY ONLY TO INDIVIDUAL AND GROUP  LIFE
 INSURANCE  POLICIES  AND  ANNUITY  CONTRACTS  ISSUED ON OR AFTER JANUARY
 FIRST, TWO THOUSAND EIGHTEEN.
   (2) FOR PURPOSES OF THIS SUBSECTION, THE TERM "VALUATION MANUAL" MEANS
 THE VALUATION MANUAL ADOPTED BY THE NATIONAL  ASSOCIATION  OF  INSURANCE
 COMMISSIONERS  ON  DECEMBER SECOND, TWO THOUSAND TWELVE, AS SUBSEQUENTLY
 AMENDED ON JUNE EIGHTH, TWO THOUSAND  FIFTEEN,  NOVEMBER  TWENTY-SECOND,
 TWO  THOUSAND  FIFTEEN,  APRIL  SIXTH,  TWO THOUSAND SIXTEEN, AND AUGUST
 TWENTY-NINTH, TWO THOUSAND SIXTEEN.
   (3) NOTWITHSTANDING SUBSECTION (C) OF THIS SECTION  AND  SECTION  FOUR
 THOUSAND  TWO  HUNDRED  EIGHTEEN  OF  THIS  ARTICLE, THE MINIMUM RESERVE
 REQUIREMENTS AND THE MINIMUM STANDARD FOR THE VALUATION OF ALL  INDIVID-
 UAL AND GROUP LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS ISSUED ON OR
 AFTER JANUARY FIRST, TWO THOUSAND NINETEEN SHALL BE THE SUPERINTENDENT'S
 PRINCIPLE  BASED  VALUATION  METHOD  DEFINED  IN  PARAGRAPH FOUR OF THIS
 SUBSECTION.
   (4) (A) EXCEPT AS PROVIDED IN SUBPARAGRAPHS (B) AND (C) OF THIS  PARA-
 GRAPH,  THE  SUPERINTENDENT'S  PRINCIPLE BASED VALUATION METHOD SHALL BE
 THE RESERVE STANDARDS, VALUATION METHODS, AND  RELATED  REQUIREMENTS  IN
 THE VALUATION MANUAL.
   (B)  THE SUPERINTENDENT'S PRINCIPLE BASED VALUATION METHOD MAY DEVIATE
 FROM THE RESERVE STANDARDS, VALUATION METHODS, AND RELATED  REQUIREMENTS
 IN THE VALUATION MANUAL IF THE SUPERINTENDENT IN A REGULATION DETERMINES
 THAT  AN  ALTERNATIVE RESERVE STANDARD, VALUATION METHOD, AND/OR RELATED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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