Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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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 |
senate Bill S8978A
Signed By GovernorSponsored By
James L. Seward
(R, C, IP, RFM) 0 Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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Actions
Votes
Bill Amendments
S8978 - Details
- See Assembly Version of this Bill:
- A11116
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4217, Ins L
S8978 - Sponsor Memo
BILL NUMBER: S8978 SPONSOR: SEWARD TITLE OF BILL: 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 PURPOSE: To allow principle-based reserving for individual and group life insur- ance policies and annuity contracts. SUMMARY OF PROVISIONS: Section one of the bill would add a new subsection (g) to section 4217 of the insurance law to authorize the use of principle-based reserving for life insurance policies and annuity contracts. This subsection would: *Require life insurance companies to calculate reserves for individual
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) - Sponsor Memo
BILL NUMBER: S8978A REVISED MEMO 06/27/2018 SPONSOR: SEWARD TITLE OF BILL: 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 thereof PURPOSE: To allow principle-based reserving for individual and group life insur- ance policies and annuity contracts. SUMMARY OF PROVISIONS: Section one of the bill would add a new subsection (g) to section 4217 of the insurance law to authorize the use of principle-based reserving for life insurance policies and annuity contracts. This subsection would:
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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