Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.
Summary
This bill amends a 2018 law concerning New York’s implementation of a valuation manual under the Insurance Law. It changes the required reporting schedule for the Department of Financial Services (DFS) superintendent’s study of the valuation manual’s impact, directing reports to be submitted in the second and fifth years after the manual becomes operative, rather than in the second, fifth, and seventh years. The bill also removes the prior sunset language, making the provisions related to the valuation manual permanent rather than temporary.
In practical terms, the bill continues the state’s oversight framework for insurance valuation standards while reducing one scheduled reporting obligation and eliminating the automatic repeal date. The measure affects the Department of Financial Services, the governor, the temporary president of the senate, and the speaker of the assembly as recipients of the required reports, and it preserves the legal structure governing how the valuation manual is implemented in New York insurance regulation.
Impact
The bill amends chapter 394 of the laws of 2018, which relates to the Insurance Law and the Department of Financial Services’ study of the valuation manual’s implementation. It changes the reporting timeline from three reports to two and makes the valuation manual provisions permanent by deleting the sunset clause. As a result, the underlying insurance regulatory framework remains in place indefinitely unless changed by future legislation, and DFS retains its obligation to provide periodic findings to state leadership.
Sentiment
No committee transcripts or recorded votes are available, so there is no direct evidence of debate or opposition in the provided materials. Based on the bill text and caption, the measure appears administrative and technical in nature, aimed at continuing an existing regulatory program rather than creating a new policy direction. The available context suggests a neutral to favorable posture toward maintaining the valuation manual framework.
Contention
The main policy choice in the bill is whether the valuation manual program should remain temporary with multiple scheduled review points or become permanent with fewer required reports. Potential concern could come from lawmakers or stakeholders who prefer continued periodic oversight and a built-in sunset to reassess the program’s effects, while supporters would likely favor stability and reduced administrative burden. No specific objections or named opponents are identified in the provided record.
Same As
Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.