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 |
Senate Bill S7587A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
co-Sponsors
(R, C, IP, RFM) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S7587 - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§3231 & 4308, Ins L
2017-S7587 - Sponsor Memo
BILL NUMBER: S7587 SPONSOR: HANNON TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To ensure revenue gained by for-profit health insurance companies resulting from the federal Tax Cuts and Jobs Act of 2017 is returned to consumers and taxpayers. SUMMARY OF SPECIFIC PROVISIONS: This bill amends Insurance Law §§ 3231 and 4308 to require that any revenue realized by for-profit insurance plans as a direct result of the Tax Cuts and Jobs Act of 2017 is returned to consumers in the form of rate reductions, refunds or credits on a pro rata basis.
2017-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. § 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. § 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
(R, C, IP, RFM) Senate District
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S7587A (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§3231 & 4308, Ins L
2017-S7587A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7587A SPONSOR: HANNON TITLE OF BILL: 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 PURPOSE OR GENERAL IDEA OF BILL: To ensure revenue gained by for-profit health insurance companies resulting from the federal Tax Cuts and Jobs Act of 2017 is returned to consumers and taxpayers. SUMMARY OF SPECIFIC PROVISIONS: This bill amends Insurance Law §§ 3231 and 4308 to require that any revenue realized by for-profit insurance plans as a direct result of the Tax Cuts and Jobs Act of 2017 is returned to consumers in the form of rate reductions while ensuring the policies remain actuarially sound.
2017-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. § 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. § 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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