NY State Senate Bill 2025-S8097

Senate Bill S8097

2025-2026 Legislative Session

Relates to the time period for submitting reports regarding the valuation manual and makes provisions relating to such valuation manual permanent

download bill text pdf

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 15, 2025	referred to insurance

2025-S8097 (ACTIVE) - Details

Current Committee:: Senate Insurance
Law Section:: Insurance
Laws Affected:: Amd §§2 & 3, Chap 394 of 2018

2025-S8097 (ACTIVE) - Summary

Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.

2025-S8097 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8097

SPONSOR: BAILEY
 
TITLE OF BILL:

An act to amend chapter 394 of the laws of 2018 amending the insurance
law relating to the implementation of a valuation manual and relating to
directing the department of financial services to study the impact of
the implementation of such valuation manual, in relation to the time
period for submitting reports and making such provisions permanent

 
PURPOSE OR GENERAL IDEA OF BILL:

To make permanent the provisions of Chapter 294 of the laws of 2018
related to principle-based reserving for life insurance policies and
annuity contracts.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends Chapter 394 of the Laws of 2018 to repeal the 2028
sunset date and to repeal the requirement for the Department of Finan-
cial Services to issue a final principle-based reserving report in 2027.

 
JUSTIFICATION:

In 2009, the National Association of Insurance Commissioners (NAIC)
adopted a new method for establishing life insurance reserves known as
principle-based reserving (PBR), and in 2013 various states began enact-
ing laws to authorize the use of PBR. When Chapter 294 of the laws of
2018 was enacted, life insurers operating in New York were calculating
their required reserves for life insurance policies and annuity
contracts using pre-set formulas in New York Insurance Law section 4217.
Since the enactment of Chapter 294 of 2018, the NAIC has made princi-
ple-based reserving an accreditation standard. There is no reason for
the sunset to exist, nor for the Department of Financial Services to
issue a third report on PBR following its 2023 and 2025 reports.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
Immediately.

2025-S8097 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8097
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 15, 2025
                                ___________
 
 Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend chapter 394 of the laws of 2018 amending  the  insurance
   law  relating to the implementation of a valuation manual and relating
   to directing the department of financial services to study the  impact
   of  the  implementation  of  such valuation manual, in relation to the
   time period for submitting reports and making such  provisions  perma-
   nent
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of section 2 and section 3 of chapter 394  of
 the  laws of 2018 amending the insurance law relating to the implementa-
 tion of a valuation manual and relating to directing the  department  of
 financial  services  to  study  the impact of the implementation of such
 valuation manual, are amended to read as follows:
   3. The superintendent of the department of  financial  services  shall
 submit  a  report to the governor, temporary president of the senate and
 speaker of the assembly of the department's findings  in  the  second[,]
 AND  fifth [and seventh] years after the operative date of the valuation
 manual.
   § 3. This act shall take effect  immediately[;  and  shall  be  deemed
 repealed 10 years after it shall have become a law].
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11913-01-5

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