Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to insurance |
Feb 11, 2019 |
referred to insurance |
Senate Bill S3633
2019-2020 Legislative Session
Sponsored By
(D, WF) 46th Senate District
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
Actions
co-Sponsors
(R, C, IP, RFM) Senate District
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
BILL NUMBER: S3633 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to principle based reserves PURPOSE: This bill would amend the Insurance Law to conform to the laws of other states by allowing principle based reserving for certain life insurance policies issued on or after January 1, 2018. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Insurance Law § 4217(d) to allow the promulgation of regulations with principle based reserve standards to be applied to all individual and group life insurance policies and annuity contracts issued after January 1, 2018. Section 2 of the bill would provide an immediate effective date.
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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.