Senate Bill S8978

Signed By Governor
2017-2018 Legislative Session

Relates to the implementation of a valuation manual and directs the department of financial services to study the impact of such implementation

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Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2017-S8978 - Details

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

2017-S8978 - Summary

Relates to the implementation of a valuation manual and directs the department of financial services to study the impact of such implementation.

2017-S8978 - Sponsor Memo

2017-S8978 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8978
 
                             I N  S E N A T E
 
                               June 8, 2018
                                ___________
 
 Introduced  by  Sen.  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 the implementation  of
   a valuation manual; and to direct the department of financial services
   to study the impact of the implementation of such valuation manual

   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  THE  OPERA-
 TIVE DATE OF THE VALUATION MANUAL AS PRESCRIBED BY THE SUPERINTENDENT BY
 REGULATION,  PROVIDED  THAT  THE  OPERATIVE DATE SHALL BE NO SOONER THAN
 JANUARY FIRST, TWO THOUSAND NINETEEN.
   (2) FOR THE  PURPOSES  OF  THIS  SUBSECTION,  "NAIC"  SHALL  MEAN  THE
 NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS.
   (3) FOR PURPOSES OF THIS SUBSECTION, "PRINCIPLE-BASED VALUATION" SHALL
 MEAN  A  RESERVE VALUATION THAT USES METHODS AND ASSUMPTIONS REQUIRED BY
 PARAGRAPH ELEVEN OF THIS SUBSECTION AS SPECIFIED IN THE VALUATION  MANU-
 AL.
   (4)  FOR PURPOSES OF THIS SUBSECTION, "QUALIFIED ACTUARY" SHALL MEAN A
 MEMBER IN GOOD STANDING OF THE AMERICAN ACADEMY OF ACTUARIES  WHO  MEETS
 THE REQUIREMENTS PRESCRIBED BY THE SUPERINTENDENT BY REGULATION.
   (5) FOR PURPOSES OF THIS SUBSECTION, "VALUATION MANUAL" SHALL MEAN THE
 VALUATION  MANUAL  ADOPTED  BY THE NAIC ON DECEMBER SECOND, TWO THOUSAND
 TWELVE, AS SUBSEQUENTLY AMENDED, AND AS APPROVED BY  THE  SUPERINTENDENT
 UPON A FINDING THAT SUCH MANUAL IS FOR THE BEST INTERESTS OF THE HOLDERS
 OF POLICIES AND CONTRACTS AND ANNUITANTS OF THIS STATE.
   (6)  NOTWITHSTANDING  SUBSECTION  (C) OF THIS SECTION AND SECTION FOUR
 THOUSAND TWO HUNDRED EIGHTEEN OF THIS ARTICLE, THE MINIMUM STANDARD  FOR
 THE  VALUATION  OF ALL SUCH POLICIES AND CONTRACTS SHALL BE THE STANDARD
 PRESCRIBED IN THE VALUATION MANUAL, AS MODIFIED  BY  THE  SUPERINTENDENT
 PURSUANT TO SUBPARAGRAPH (B) OF PARAGRAPH EIGHT OF THIS SUBSECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2017-S8978A (ACTIVE) - Details

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

2017-S8978A (ACTIVE) - Summary

Relates to the implementation of a valuation manual and directs the department of financial services to study the impact of such implementation.

2017-S8978A (ACTIVE) - Sponsor Memo

2017-S8978A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8978--A
 
                             I N  S E N A T E
 
                               June 8, 2018
                                ___________
 
 Introduced  by  Sen.  SEWARD -- 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 the implementation of
   a valuation manual; and to direct the department of financial services
   to study the impact of the implementation of  such  valuation  manual;
   and providing for the repeal of such provisions upon expiration there-
   of
 
   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  THE  OPERA-
 TIVE DATE OF THE VALUATION MANUAL AS PRESCRIBED BY THE SUPERINTENDENT BY
 REGULATION,  PROVIDED  THAT  THE  OPERATIVE DATE SHALL BE NO SOONER THAN
 JANUARY FIRST, TWO THOUSAND NINETEEN.
   (2) FOR THE  PURPOSES  OF  THIS  SUBSECTION,  "NAIC"  SHALL  MEAN  THE
 NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS.
   (3) FOR PURPOSES OF THIS SUBSECTION, "PRINCIPLE-BASED VALUATION" SHALL
 MEAN  A  RESERVE VALUATION THAT USES METHODS AND ASSUMPTIONS REQUIRED BY
 PARAGRAPH ELEVEN OF THIS SUBSECTION AS SPECIFIED IN THE VALUATION  MANU-
 AL.
   (4)  FOR PURPOSES OF THIS SUBSECTION, "QUALIFIED ACTUARY" SHALL MEAN A
 MEMBER IN GOOD STANDING OF THE AMERICAN ACADEMY OF ACTUARIES  WHO  MEETS
 THE REQUIREMENTS PRESCRIBED BY THE SUPERINTENDENT BY REGULATION.
   (5) FOR PURPOSES OF THIS SUBSECTION, "VALUATION MANUAL" SHALL MEAN THE
 VALUATION  MANUAL  ADOPTED  BY THE NAIC ON DECEMBER SECOND, TWO THOUSAND
 TWELVE, AS SUBSEQUENTLY AMENDED, AND AS APPROVED BY  THE  SUPERINTENDENT
 UPON A FINDING THAT SUCH MANUAL IS FOR THE BEST INTERESTS OF THE HOLDERS
 OF  POLICIES  AND CONTRACTS AND ANNUITANTS OF THIS STATE AND WHICH MEETS
 THE REQUIREMENTS AS SET FORTH IN THIS SUBSECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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