Bill
Bill > S07587
NY S07587
NY S07587Returns to policy holders any money an insurer realizes due to the Tax Cuts and Jobs Act of 2017.
summary
Introduced
01/26/2018
01/26/2018
In Committee
02/05/2018
02/05/2018
Crossed Over
02/05/2018
02/05/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
2017-2018 General Assembly
Bill Summary
AN ACT to amend the insurance law, in relation to returning to policy holders any money an insurer realizes due to the tax cuts and jobs act of 2017 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill amends the New York insurance law to require the Superintendent of Insurance to consider the impact of the 2017 federal Tax Cuts and Jobs Act on an insurer's earnings when reviewing rate filings for insurance policies and contracts. The bill stipulates that this consideration must not result in an approved rate that is not actuarially sound or leads to an insufficient margin for the underlying risk. The bill applies to rate filings submitted for coverage effective on or after January 1, 2019.
Committee Categories
Business and Industry
Sponsors (6)
Kemp Hannon (R)*,
Martin Golden (R),
William Larkin (R),
Kathleen Marchione (R),
Susan Serino (R),
James Seward (R),
Last Action
referred to insurance (on 02/05/2018)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...