New York S 5979: Relates to certain time periods and prospective applicants in adoption proceedings; repealer

Bill Text

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S05979 Summary:

BILL NOS05979 

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SAME ASSAME AS A07866

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Add Art 27-A §§2751 - 2754, Ins L; add §165-b, St Fin L

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Enacts the "New York slavery era business and state procurement disclosure act"; requires insurers to report insurance policies issued to slaveholders during the slavery era that provided coverage for damage to or death to such slaveholders' slaves; requires contractors seeking to enter into or renew procurement contracts with state agencies to report slavery era financing, investments and profits of slavery.

Go to top S05979 Actions:

BILL NOS05979 

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03/04/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05979 Committee&nbspVotes:

Go to topS05979 Floor&nbspVotes:

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

Go to topS05979 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5979

 2025-2026 Regular Sessions

 IN SENATE

 March 4, 2025
 ___________

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

 AN ACT to amend the insurance law and the state finance law, in relation
 to requiring insurers and companies contracting with the state to
 report investments and profits from slavery and slaveholder insurance
 policies issued during the slavery era

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

 1 Section 1. This act shall be known and may be cited as the "New York
 2 slavery era business and state procurement disclosure act".
 3 § 2. The insurance law is amended by adding a new article 27-A to read
 4 as follows:
 5 ARTICLE 27-A
 6 SLAVERY ERA INSURANCE POLICIES
 7 Section 2751. Definitions.
 8 2752. Reports from insurers.
 9 2753. Substantial compliance.
 10 2754. Rules and regulations.
 11 § 2751. Definitions. For the purposes of this article:
 12 (a) "Control", "holding company", and "holding company system" and any
 13 other terms used in this article but not otherwise defined shall have
 14 the same meanings as they have in article fifteen of this chapter.
 15 (b) "Insurance policy" shall mean any policy of insurance substantial-
 16 ly similar to any kind of insurance that was authorized at any time in
 17 New York during the slavery era or authorized by the jurisdiction in
 18 which the policy was sold at the time it was sold, including but not
 19 limited to any form of life, accident and health, annuities, property,
 20 casualty, education or dowry insurance.
 21 (c) "Member of a holding company system" shall have the same meaning
 22 as it has in subsection (e) of section two thousand seven hundred one of
 23 this chapter.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10442-01-5

 S. 5979 2

 1 (d) "Descendant of slaves" shall mean a person whose ancestors were
 2 defined as private property, dehumanized, divided from their families,
 3 and forced to perform labor without appropriate compensation or bene-
 4 fits, and whose ancestors' owners were compensated for damages by insur-
 5 ers.
 6 § 2752. Reports from insurers. (a) Every insurer organized, licensed,
 7 registered or accredited to do an insurance business in this state which
 8 had an annual revenue of at least one million dollars in the preceding
 9 year shall report or shall cause its holding company to report to the
 10 superintendent the following information:
 11 (1) whether it is a member of a holding company system including any
 12 insurer, any other member, subsidiary or division in each case whether a
 13 licensee or not, that could possibly be expected to have issued an
 14 insurance policy to a slaveholder during the slavery era that provided
 15 coverage for damage to or death to such slaveholders' slaves and a list
 16 of each such entity;
 17 (2) if requested by the superintendent and to the extent consistent
 18 with applicable laws and confidentiality obligations, with respect to
 19 each such insurance policy, the name of the owner, the name of the bene-
 20 ficiary and the face amount or pay-out value;
 21 (3) if requested by the superintendent, an explanation of any denial
 22 or pendin