Vote: Floor vote
NY SenateMay 29, 2026Result: passed
(58) (0) (0) (5)
Senate bill · S8097 (2025-26)
Relates to the time period for submitting reports regarding the valuation manual and makes provisions relating to such valuation manual permanent
Latest action May 29, 2026
New York State Senate
Same as A8494, the matching bill in the Assembly.
Summary
Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.
Summary from NY Open Legislation. How we handle summaries
From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 20, 2026. About our data
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Purpose, from the sponsor's memo
To make permanent the provisions of Chapter 294 of the laws of 2018 related to principle-based reserving for life insurance policies and annuity contracts.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Passed one of the two chambers; it still needs the other.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Insurance · New York State Assembly
Also referred to Insurance · New York State Senate.
Cosponsors
Albert A. Stirpe, Chris Burdick and 4 more on Agora
Showing the cosponsors who are on Agora, A to Z. The official record may list more.
Read on NY Senate (opens in a new tab)- Democratic6
Shown in neutral colors by design; Agora is non-partisan.
The sponsor's argument
Why Jamaal Bailey says this is needed
In 2009, the National Association of Insurance Commissioners (NAIC) adopted a new method for establishing life insurance reserves known as principle-based reserving (PBR), and in 2013 various states began enact- ing laws to authorize the use of PBR. When Chapter 294 of the laws of 2018 was enacted, life insurers operating in New York were calculating their required reserves for life insurance policies and annuity contracts using pre-set formulas in New York Insurance Law section 4217. Since the enactment of Chapter 294 of 2018, the NAIC has made princi- ple-based reserving an accreditation standard. There is no reason for the sunset to exist, nor for the Department of Financial Services to issue a third report on PBR following its 2023 and 2025 reports.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Recorded votes
Vote: Committee vote · Insurance
Senate InsuranceMar 9, 2026Result: passed
(11) (0) (0) (0)
Full history
- May 29, 2026
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
- May 29, 2026
Passed a chamber
PASSED SENATE
NY Senate
- May 29, 2026
Referred to committee
REFERRED TO INSURANCE
NY Assembly
- May 20, 2026
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
- Mar 11, 2026
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Show full history (6 earlier events)Show less history
- Mar 10, 2026
2ND Report CAL.
2ND REPORT CAL.
NY Senate
- Mar 9, 2026
1ST Report CAL.488
1ST REPORT CAL.488
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO INSURANCE
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO INSURANCE
NY Assembly
- May 20, 2025
Referred to committee
REFERRED TO INSURANCE
NY Assembly
- May 15, 2025
Referred to committee
REFERRED TO INSURANCE
NY Senate