New York S 10298: Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

Bill Text

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S10298 Summary:

BILL NOS10298 

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SAME ASSAME AS A11404

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SPONSORSKOUFIS

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COSPNSR

&nbsp

MLTSPNSR

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Add §4242, Ins L

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Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

Go to top S10298 Actions:

BILL NOS10298 

&nbsp

05/12/2026REFERRED TO INSURANCE

Go to topS10298 Committee&nbspVotes:

Go to topS10298 Floor&nbspVotes:

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

Go to topS10298 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10298

 IN SENATE

 May 12, 2026
 ___________

 Introduced by Sen. SKOUFIS -- 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 enacting the "Termi-
 nate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS)
 3 Act".
 4 § 2. The insurance law is amended by adding a new section 4242 to read
 5 as follows:
 6 § 4242. Life insurance rates. (a) Notwithstanding any provision of law
 7 to the contrary, every life insurance company doing business in this
 8 state shall be required to take New York state specific health, morbidi-
 9 ty and mortality information into account as a factor when calculating
 10 any premium rates for any policy or contract issued within this state.
 11 (b) The superintendent shall promulgate regulations establishing a
 12 standard weight given to New York state specific health, morbidity and
 13 mortality information when calculating any premium rates for any policy
 14 or contract issued within this state. Every life insurance company
 15 doing business in this state shall use such standard weight in its
 16 formulae.
 17 § 3. This act shall take effect on the first of January next succeed-
 18 ing the date on which it shall have become a law and shall apply to
 19 policies and contracts issued, renewed, amended, modified or altered on
 20 or after such date. Effective immediately, the addition, amendment
 21 and/or repeal of any rule or regulation necessary for the implementation
 22 of this act on its effective date are authorized to be made and
 23 completed on or before such effective date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15818-02-6

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