| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 15, 2025 |
referred to insurance |
Senate Bill S8097
2025-2026 Legislative Session
Sponsored By
(D) 36th Senate District
Current Bill Status - In Senate Committee Insurance Committee
Actions
2025-S8097 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8494
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance
- Laws Affected:
- Amd §§2 & 3, Chap 394 of 2018
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.
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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