New York S 5341: Requires the public service commission to consider the economic impact of utility rates and charges

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S05341 Summary:

BILL NOS05341 

&nbsp

SAME ASSAME AS A02006

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SPONSORCOMRIE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §3201, Ins L

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Identifies certain group policies, group contracts and certificates issued thereunder exempting them from filing and approval requirements.

Go to top S05341 Actions:

BILL NOS05341 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05341 Committee&nbspVotes:

Go to topS05341 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05341 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5341

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. COMRIE -- 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 the approval of policy
 forms

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

 1 Section 1. Paragraph 6 of subsection (c) of section 3201 of the insur-
 2 ance law, as amended by chapter 341 of the laws of 2006, is amended to
 3 read as follows:
 4 (6) [(a) The] (A) Except as otherwise provided for in subsection (e)
 5 of this section, the superintendent may disapprove any policy form spec-
 6 ified in paragraph two of subsection (b) of this section issued by a
 7 domestic life insurer or fraternal benefit society for delivery outside
 8 the state if its issuance would be prejudicial to the interests of its
 9 policyholders or members.
 10 [(b)] (B) Except for the policy forms specified in paragraph two of
 11 subsection (b) of this section, every domestic life insurer and frater-
 12 nal benefit society shall file annually with the superintendent a list
 13 identifying and describing the policy forms issued by the insurer or
 14 fraternal benefit society for delivery outside the state in a form
 15 prescribed by the superintendent. If the superintendent determines that
 16 the issuance of a policy form has been or may be prejudicial to the
 17 interests of policyholders or members, the superintendent may take any
 18 action [he or she] such superintendent deems appropriate, including
 19 issuing an order, after a hearing, to cease and desist issuing the poli-
 20 cy form.
 21 (C) Any insurer or fraternal benefit society who shall issue a policy
 22 form which shall be exempt from the filing and approval requirements of
 23 paragraphs one and two of subsection (b) of this section, shall file
 24 annually with the superintendent a list identifying and describing such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03535-01-5

 S. 5341 2

 1 policy forms in a manner prescribed by the superintendent pursuant to
 2 paragraph one of subsection (e) of this section.
 3 § 2. Section 3201 of the insurance law is amended by adding a new
 4 subsection (e) to read as follows:
 5 (e)(1) For purposes of this section, the following terms shall have
 6 the following meanings:
 7 (A) "Large group policyholder" shall mean a group with a minimum of
 8 five hundred employees or members that either employ or contract with a
 9 qualified benefits manager that shall satisfy the criteria set forth in
 10 this subsection.
 11 (B) (i) "Qualified benefits manager" means an individual that:
 12 a. is a fiduciary under the Employee Retirement Income Security Act of
 13 1974 (ERISA);
 14 b. holds a bachelor's degree or higher from an accredited college or
 15 university;
 16 c. has a minimum of five years' experience analyzing, designing, or
 17 advising groups defined herein regarding group benefit programs that
 18 include, but are not limited to, life insurance, accident and health
 19 insurance or annuity products; or
 20 d. has a designation as a certified benefit plan administrator, certi-
 21 fied employee benefit specialist from the international foundation of
 22 employee benefit plans, certified benefits professional from world at
 23 work, retirement plan professional issued by the american society of
 24 pension professionals and actuaries, any other similar designation
 25 issued by an accredited college or university, chartered life underwrit-
 26 er (C.L.U.),