New York A 11110: Indexes fixed amounts and clarifies compliance for life insurance and annuity businesses; repealer

Bill Text

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A11110 Summary:

BILL NOA11110 

&nbsp

SAME ASSAME AS S10017

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SPONSORWeprin

&nbsp

COSPNSRMcDonald, Cook

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MLTSPNSR

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Amd §4228, rpld §4228 sub§ (g), sub§ (f) ¶1 sub¶ (A), Ins L

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Indexes fixed dollar amounts in the statute to inflation, authorizes changes to compensation plans, removes obsolete language, and removes unnecessary filing requirements for certain life insurance and annuity businesses.

Go to top A11110 Actions:

BILL NOA11110 

&nbsp

04/24/2026referred to insurance

Go to topA11110 Committee&nbspVotes:

Go to topA11110 Floor&nbspVotes:

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

Go to topA11110 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11110

 IN ASSEMBLY

 April 24, 2026
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to indexing fixed amounts
 and clarifying compliance for certain life insurance and annuity busi-
 nesses; and to repeal certain provisions of such law relating to obso-
 lete language and unnecessary filing requirements

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

 1 Section 1. Subparagraph (G) of paragraph 3 of subsection (e) of
 2 section 4228 of the insurance law, as amended by chapter 427 of the laws
 3 of 2025, is amended to read as follows:
 4 (G) The superintendent shall [periodically] adjust the cumulative
 5 maximum training allowance subsidy limits set forth in this paragraph on
 6 January first of each year by increasing the previous year's limits by
 7 the percentage adjustment of the annual minimum wage as provided by
 8 subdivision one-b of section six hundred fifty-two of the labor law. The
 9 superintendent may also, at any time, approve training allowance subsi-
 10 dies with cumulative maximum amounts that exceed the limits set forth in
 11 this paragraph.
 12 § 2. Paragraph 6 of subsection (e) of section 4228 of the insurance
 13 law, as amended by chapter 427 of the laws of 2025, is amended to read
 14 as follows:
 15 (6) A company, including any person, firm or corporation on its behalf
 16 or under any agreement with it, may pay or award, or permit to be paid
 17 or awarded, prizes and awards to agents and brokers pursuant to a plan
 18 of agent or broker compensation, provided that no single prize or award
 19 may exceed a value of five hundred dollars, and that the total value of
 20 such prizes and awards paid or awarded to any agent or broker within a
 21 calendar year may not exceed two thousand dollars. Notwithstanding the
 22 foregoing, a company may also pay or award not more frequently than
 23 monthly a prize or award valued at not more than fifty dollars. The
 24 costs of all such prizes and awards shall not be included in applying
 25 the limits established in subsection (d) of this section. The super-
 26 intendent may authorize higher limits on the value of prizes and awards

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15636-01-6

 A. 11110 2

 1 than those set forth herein. On and after January first, two thousand
 2 twenty-seven, the superintendent shall authorize higher limits on the
 3 value of prizes and awards under this section on January first of each
 4 year by increasing the previous year's limits by the percentage adjust-
 5 ment of the annual minimum wage as provided by subdivision one-b of
 6 section six hundred fifty-two of the labor law.
 7 § 3. Subparagraph (E) of paragraph 1 of subsection (f) of section 4228
 8 of the insurance law, as added by chapter 616 of the laws of 1997, is
 9 amended to read as follows:
 10 (E) All filings and related correspondence shall be proprietary and
 11 confidential, and not disclosed by the superintendent. Nothing contained
 12 in this section or any other provision of law shall prohibit a company
 13 from making changes to any compensation payable on policies or contracts
 14 that are in force and subject to an existing plan, provided that the
 15 changed compensation meets the applicable requirements of subsections
 16 (d) and (e) of this section. A company shall be permitted to make such
 17