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Senate Bill S3633

2019-2020 Legislative Session

Relates to principle based reserves

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2019-S3633 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4217, Ins L
Versions Introduced in 2017-2018 Legislative Session:
S6439

2019-S3633 (ACTIVE) - Summary

Provides that the minimum reserve requirements and the minimum standard for the valuation of all individual and group life insurance policies and annuity contracts issued on or after January first, two thousand twenty shall be the principle based valuation method established by the superintendent; the superintendent shall utilize the valuation manual adopted by the National Association of Insurance Commissioners unless the superintendent finds that a different method is necessary to protect policyholders.

2019-S3633 (ACTIVE) - Sponsor Memo

2019-S3633 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3633
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 11, 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  principle  based
   reserves
 
   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 (h) to read as follows:
   (H)  (1) THIS SUBSECTION SHALL APPLY ONLY TO INDIVIDUAL AND GROUP LIFE
 INSURANCE POLICIES AND ANNUITY CONTRACTS  ISSUED  ON  OR  AFTER  JANUARY
 FIRST, TWO THOUSAND TWENTY.
   (2)  FOR  PURPOSES  OF  THIS  SUBSECTION, "VALUATION MANUAL" MEANS THE
 VALUATION MANUAL  ADOPTED  BY  THE  NATIONAL  ASSOCIATION  OF  INSURANCE
 COMMISSIONERS  ON  DECEMBER SECOND, TWO THOUSAND TWELVE, AS SUBSEQUENTLY
 AMENDED ON JUNE EIGHTH, TWO THOUSAND  FIFTEEN,  NOVEMBER  TWENTY-SECOND,
 TWO  THOUSAND  FIFTEEN,  APRIL  SIXTH,  TWO THOUSAND SIXTEEN, AND AUGUST
 TWENTY-NINTH, TWO THOUSAND SIXTEEN.
   (3) NOTWITHSTANDING SUBSECTION (C) OF THIS SECTION  AND  SECTION  FOUR
 THOUSAND  TWO  HUNDRED  EIGHTEEN  OF  THIS  ARTICLE, THE MINIMUM RESERVE
 REQUIREMENTS AND THE MINIMUM STANDARD FOR THE VALUATION OF ALL  INDIVID-
 UAL AND GROUP LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS ISSUED ON OR
 AFTER  JANUARY  FIRST, TWO THOUSAND TWENTY SHALL BE THE SUPERINTENDENT'S
 PRINCIPLE BASED VALUATION METHOD  DEFINED  IN  PARAGRAPH  FOUR  OF  THIS
 SUBSECTION   AND   ALL  REGULATIONS  PROMULGATED  THEREUNDER.    NOTHING
 CONTAINED WITHIN  THIS  SUBSECTION  SHALL  LESSEN  THE  SUPERINTENDENT'S
 POWERS  UNDER  ANY  OTHER  PROVISIONS  OF  THIS CHAPTER OR THE FINANCIAL
 SERVICES LAW, INCLUDING, WITHOUT LIMITATION, THE SUPERINTENDENT'S POWERS
 AND OBLIGATIONS TO ENSURE THE SOLVENCY AND FISCAL HEALTH OF INSURERS AND
 TO PROTECT POLICYHOLDERS.
   (4) (A) THE SUPERINTENDENT'S PRINCIPLE BASED VALUATION METHOD SHALL BE
 THE RESERVE  STANDARDS,  VALUATION  METHODS,  ASSUMPTIONS,  AND  RELATED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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