Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 07, 2018 |
signed chap.394 |
Nov 27, 2018 |
delivered to governor |
Jun 19, 2018 |
returned to senate passed assembly ordered to third reading rules cal.301 substituted for a11116a |
Jun 19, 2018 |
substituted by s8978a |
Jun 18, 2018 |
ordered to third reading rules cal.301 rules report cal.301 reported |
Jun 15, 2018 |
amend and recommit to rules 11116a |
Jun 11, 2018 |
reported referred to rules |
Jun 07, 2018 |
reported referred to codes |
Jun 05, 2018 |
referred to insurance |
Assembly Bill A11116
Signed By Governor2017-2018 Legislative Session
Sponsored By
CAHILL
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
Actions
Votes
Bill Amendments
2017-A11116 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4217, Ins L
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
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4217, Ins L
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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