Senate Bill S3519

2019-2020 Legislative Session

Relates to the valuation of life insurance policies and contracts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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

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2019-S3519 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7535
2017-2018: S1477
2021-2022: S4043

2019-S3519 (ACTIVE) - Summary

Relates to requirements imposed for the valuation of the reserve liabilities of life insurance policies and contracts.

2019-S3519 (ACTIVE) - Sponsor Memo

2019-S3519 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3519
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2019
                                ___________
 
 Introduced  by  Sens. BRESLIN, SEWARD -- read twice and ordered printed,
   and when printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to the valuation of  life
   insurance policies and contracts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subsection (a) of section 4217 of the insur-
 ance law, as amended by chapter 22 of the laws of 1994,  is  amended  to
 read as follows:
   (1)  The  superintendent  shall  annually [value, or] cause EVERY LIFE
 INSURANCE COMPANY DOING BUSINESS IN THIS STATE to [be valued,] VALUE the
 reserve liabilities (hereinafter called reserves) for all ITS  outstand-
 ing  insurance  policies  and contracts [of every life insurance company
 doing business in this state], except that, in  the  case  of  an  alien
 company, such valuation shall be limited to its United States business[,
 and  may].  THE  SUPERINTENDENT  SHALL  certify  the  amount of any such
 reserves, specifying the mortality table or tables,  rate  or  rates  of
 interest  and  methods  (net  level premium method or other) used in the
 calculation of such reserves, UNLESS THE SUPERINTENDENT DETERMINES  THAT
 THE MEMORANDUM PREPARED PURSUANT TO PARAGRAPH THREE OF SUBSECTION (E) OF
 THIS  SECTION  TO  SUPPORT THE ACTUARIAL OPINION OF RESERVES REQUIRED BY
 PARAGRAPH ONE OF SUBSECTION (E) OF THIS SECTION FAILS TO MEET THE STAND-
 ARDS PRESCRIBED BY REGULATION.    In  calculating  such  reserves,  [the
 superintendent]  LIFE  INSURANCE  COMPANIES  may  use  group methods and
 approximate averages for fractions of a year or otherwise.
   § 2. Paragraph 1 of subsection (e) of section 4217  of  the  insurance
 law,  as  added by chapter 22 of the laws of 1994, is amended to read as
 follows:
   (1) General. Every life insurance company doing business in this state
 shall annually submit the opinion of a qualified actuary as  to  whether
 the reserves and related actuarial items held in support of the policies
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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