S 10298 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S10298 Summary: BILL NO S10298 &nbsp SAME AS SAME AS A11404

&nbsp SPONSOR SKOUFIS &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Add §4242, Ins L &nbsp Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

Go to top S10298 Text:

STATE OF NEW YORK ________________________________________________________________________

10298

IN SENATE

May 12, 2026 ___________

Introduced by Sen. SKOUFIS -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to enacting the "Termi- nate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:

1 Section 1. Short title. This act shall be known and may be cited as 2 the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) 3 Act". 4 § 2. The insurance law is amended by adding a new section 4242 to read 5 as follows: 6 § 4242. Life insurance rates. (a) Notwithstanding any provision of law 7 to the contrary, every life insurance company doing business in this 8 state shall be required to take New York state specific health, morbidi- 9 ty and mortality information into account as a factor when calculating 10 any premium rates for any policy or contract issued within this state. 11 (b) The superintendent shall promulgate regulations establishing a 12 standard weight given to New York state specific health, morbidity and 13 mortality information when calculating any premium rates for any policy 14 or contract issued within this state. Every life insurance company 15 doing business in this state shall use such standard weight in its 16 formulae. 17 § 3. This act shall take effect on the first of January next succeed- 18 ing the date on which it shall have become a law and shall apply to 19 policies and contracts issued, renewed, amended, modified or altered on 20 or after such date. Effective immediately, the addition, amendment 21 and/or repeal of any rule or regulation necessary for the implementation 22 of this act on its effective date are authorized to be made and 23 completed on or before such effective date.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15818-02-6

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