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Senate Bill S10298

2025-2026 Legislative Session

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

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Current Bill Status - In Senate Committee Insurance Committee

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2025-S10298 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §4242, Ins L

2025-S10298 (ACTIVE) - Summary

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

2025-S10298 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10298
 
                             I N  S E N A T E
 
                               May 12, 2026
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- 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 enacting  the  "Termi-
   nate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the  "Terminate  Excessive  Cross-state  Actuarial Subsidization (TEXAS)
 Act".
   § 2. The insurance law is amended by adding a new section 4242 to read
 as follows:
   § 4242. LIFE INSURANCE RATES. (A) NOTWITHSTANDING ANY PROVISION OF LAW
 TO THE CONTRARY, EVERY LIFE INSURANCE COMPANY  DOING  BUSINESS  IN  THIS
 STATE SHALL BE REQUIRED TO TAKE NEW YORK STATE SPECIFIC HEALTH, MORBIDI-
 TY  AND  MORTALITY INFORMATION INTO ACCOUNT AS A FACTOR WHEN CALCULATING
 ANY PREMIUM RATES FOR ANY POLICY OR CONTRACT ISSUED WITHIN THIS STATE.
   (B) THE SUPERINTENDENT SHALL  PROMULGATE  REGULATIONS  ESTABLISHING  A
 STANDARD  WEIGHT  GIVEN TO NEW YORK STATE SPECIFIC HEALTH, MORBIDITY AND
 MORTALITY INFORMATION WHEN CALCULATING ANY PREMIUM RATES FOR ANY  POLICY
 OR  CONTRACT  ISSUED  WITHIN  THIS STATE.   EVERY LIFE INSURANCE COMPANY
 DOING BUSINESS IN THIS STATE SHALL  USE  SUCH  STANDARD  WEIGHT  IN  ITS
 FORMULAE.
   §  3. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 policies  and contracts issued, renewed, amended, modified or altered on
 or after such date.   Effective  immediately,  the  addition,  amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of  this  act  on  its  effective  date  are  authorized  to be made and
 completed on or before such effective date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15818-02-6

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