Bill > A10505

This bill directs the superintendent of the Department of Financial Services to conduct a comprehensive study on the feasibility and implications of using bitcoin, a type of cryptocurrency or digital currency, to purchase life insurance and annuities. The study will examine various aspects, including whether bitcoin can be considered a qualified asset to back insurance obligations, how life insurers could hold bitcoin as an investment, the creation of frameworks for calculating reserves and minimum values for bitcoin-denominated policies, and standards for disclosures and suitability. It will also assess how policyholders would be protected by the life insurance guaranty fund in case of an insurer's insolvency and explore the coordination of insurance regulations with existing bitcoin licensing requirements. Finally, the superintendent will report their findings and recommendations to the governor and legislative leaders within eighteen months of the bill's effective date.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A10505