Bill > S08097

This bill modifies previous legislation related to the valuation manual, which is a regulatory document used in the insurance industry to establish standards for calculating the value of insurance policies. The bill changes the reporting requirements for the superintendent of the Department of Financial Services, reducing the number of mandatory reports from three (second, fifth, and seventh years) to two (second and fifth years) after the valuation manual's operative date. Additionally, the bill removes the original 10-year sunset provision that would have automatically repealed the law, effectively making the provisions permanent. This means that the Department of Financial Services will continue to be required to study and report on the implementation and impact of the valuation manual, but with a slightly modified reporting schedule. The changes aim to streamline reporting requirements while maintaining oversight of the valuation manual's implementation and effects on the insurance industry.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8097