Bill > A08494

This bill modifies the reporting requirements for the valuation manual previously established by chapter 394 of the laws of 2018, which relates to insurance regulations. Specifically, the bill changes the reporting timeline for the superintendent of the Department of Financial Services, reducing the number of mandated report submissions from three (second, fifth, and seventh years) to two (second and fifth years) after the operative date of the valuation manual. The bill also removes the previous sunset provision that would have automatically repealed the law after 10 years, effectively making the provisions permanent. By eliminating the automatic repeal and reducing the reporting frequency, the bill aims to streamline the oversight process for the valuation manual while maintaining ongoing assessment of its implementation and impact. The changes will take effect immediately upon becoming law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8494