Terminates cross-state actuarial subsidization by requiring life insurance companies to consider state-specific health data in rate-setting.

The "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" mandates that life insurance companies operating in New York consider state-specific health, morbidity, and mortality data when setting premiums. The superintendent of financial services is tasked with establishing a standard weight for this state-specific information in rate calculations. This act aims to ensure that insurance rates more accurately reflect the health profile of New York residents.

Terminates cross-state actuarial subsidization by requiring life insurance companies to consider state-specific health data in rate-setting.

The "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" mandates that life insurance companies operating in New York consider state-specific health, morbidity, and mortality data when setting premiums. The superintendent of financial services is tasked with establishing a standard weight for this state-specific information in rate calculations. This act aims to ensure that insurance rates more accurately reflect the health profile of New York residents.