senate Bill S8978A

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (13)
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 18, 2018 referred to codes
delivered to assembly
passed senate
ordered to third reading cal.1898
Jun 15, 2018 print number 8978a
Jun 15, 2018 amend (t) and recommit to rules
Jun 08, 2018 referred to rules

S8978 - Details

See Assembly Version of this Bill:
A11116
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L

S8978 - Summary

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

S8978 - Sponsor Memo

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.

S8978A (ACTIVE) - Details

See Assembly Version of this Bill:
A11116
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L

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.

S8978A (ACTIVE) - Sponsor Memo

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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.