Assembly Bill A11116A

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 Via S8978 - 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-A11116 - Details

See Senate Version of this Bill:
S8978
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L

2017-A11116 - Summary

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

2017-A11116 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11116
 
                           I N  A S S E M B L Y
 
                               June 5, 2018
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cahill) --
   read once and referred to the Committee on Insurance
 
 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.
   (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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

2017-A11116A (ACTIVE) - Details

See Senate Version of this Bill:
S8978
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L

2017-A11116A (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-A11116A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 11116--A
 
                           I N  A S S E M B L Y
 
                               June 5, 2018
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cahill) --
   read once and referred to the Committee on Insurance --  reported  and
   referred  to  the  Committee  on Codes -- reported and referred to the
   Committee on  Rules  --  Rules  Committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted 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;
   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
              

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