New York S05308 mandates self-supporting life insurance and annuity business policies.

New York S05308 amends the insurance law to require that all life insurance and annuity business policies be self-supporting. This means that the policies must be able to cover their own costs under reasonable assumptions about interest rates, mortality, persistency, taxes, and expenses. The bill repeals the previous section 4228 and adds a new one, effective from the date of enactment. The Superintendent of Financial Services will establish guidelines for these policies.

New York S05308 mandates self-supporting life insurance and annuity business policies.

New York S05308 amends the insurance law to require that all life insurance and annuity business policies be self-supporting. This means that the policies must be able to cover their own costs under reasonable assumptions about interest rates, mortality, persistency, taxes, and expenses. The bill repeals the previous section 4228 and adds a new one, effective from the date of enactment. The Superintendent of Financial Services will establish guidelines for these policies.