Senate Bill S7069

2023-2024 Legislative Session

Requires self supporting life insurance and annuity business policies; repealer

download bill text pdf

Sponsored By

Current 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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2023-S7069 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Rpld & add §4228, Ins L

2023-S7069 (ACTIVE) - Summary

Requires self-supporting life insurance and annuity business policies.

2023-S7069 (ACTIVE) - Sponsor Memo

2023-S7069 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7069
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 ensuring  life  insur-
   ance  and annuity business policies are self-supporting; and providing
   for the repeal of section 4228 of such law relating thereto

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 4228 of the insurance law is REPEALED.
   § 2. The insurance law is amended by adding a new section 4228 to read
 as follows:
   §  4228.  LIFE  INSURANCE AND ANNUITY BUSINESS; POLICY TO BE SELF-SUP-
 PORTING. NO COMPANY SHALL OFFER FOR SALE ANY LIFE INSURANCE POLICY  FORM
 OR  ANNUITY  CONTRACT FORM OR ANY DEBIT LIFE INSURANCE POLICY FORM WHICH
 SHALL NOT APPEAR TO BE SELF-SUPPORTING ON REASONABLE ASSUMPTIONS  AS  TO
 INTEREST,  MORTALITY,  PERSISTENCY, TAXES, AGENTS' AND BROKERS' SURVIVAL
 AND EXPENSES RESULTING FROM THE SALE OF THE POLICY OR CONTRACT FORM. FOR
 ALL SUCH FORMS OFFERED FOR SALE IN THIS STATE, AND FOR ALL  FORMS  FILED
 FOR  USE  OUTSIDE  THIS  STATE  BY  DOMESTIC LIFE INSURANCE COMPANIES, A
 STATEMENT THAT THE REQUIREMENTS OF THIS SECTION HAVE BEEN MET, SIGNED BY
 AN ACTUARY WHO IS A MEMBER IN GOOD STANDING OF THE AMERICAN  ACADEMY  OF
 ACTUARIES AND MEETS THE REQUIREMENTS PRESCRIBED BY THE SUPERINTENDENT BY
 REGULATION  SHALL  BE  SUBMITTED WITH EACH SUCH LIFE INSURANCE POLICY OR
 ANNUITY CONTRACT  FORM  FILED  PURSUANT  TO  PARAGRAPH  ONE  OR  SIX  OF
 SUBSECTION  (B)  OF SECTION THREE THOUSAND TWO HUNDRED ONE OF THIS CHAP-
 TER. A DEMONSTRATION SUPPORTING EACH SUCH STATEMENT, SIGNED BY AN  ACTU-
 ARY MEETING SUCH QUALIFICATIONS, SHALL BE RETAINED IN THE COMPANY'S HOME
 OFFICE,  WHILE SUCH FORM IS BEING OFFERED IN THIS STATE AND FOR A PERIOD
 OF SIX YEARS THEREAFTER AND BE AVAILABLE FOR  INSPECTION.    THE  SUPER-
 INTENDENT  SHALL  PROMULGATE  A  REGULATION  ESTABLISHING THE GUIDELINES
 APPLICABLE TO SUCH DEMONSTRATION.
   § 3. This act shall take effect on January 1, 2024 and shall apply  to
 any  life  insurance  policy,  annuity contract, or debit life insurance
 policy entered into on or after such date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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