Relates to the time period for submitting reports regarding the valuation manual and makes provisions relating to such valuation manual permanent

2025 Regular Session Introduced by Sam Berger and 4 co-sponsors

A 8494 lets NY adjust reporting windows for the valuation manual and makes its provisions permanent, giving insurers and regulators clearer, lasting rules.

REPORTED REFERRED TO RULES

Overview

Bill Number: A 8494

Title: Relates to the time period for submitting reports regarding the valuation manual and makes provisions relating to such valuation manual permanent

Status: Referred to the Assembly Committee on Insurance

Introduced: May 20, 2025

Primary Sponsor: David Weprin

Companion Bills: Senate S 8097 (listed as companion)

Purpose and Intent

The bill addresses reporting requirements tied to the state’s valuation manual. It aims to alter the time period for submitting reports related to the valuation manual and to make permanent provisions pertaining to the valuation manual itself. The objective appears to be clarifying and stabilizing how and when reporting obligations are fulfilled, while ensuring the valuation manual framework remains in effect on a permanent basis.

Key Provisions (as described in available information)

Timeframe for Reports: The bill relates to modifying the eligible time period within which reports connected to the valuation manual must be submitted. Exact new deadlines or rules would be specified in the text of the bill.

Permanent Valuation Manual Provisions: The bill would make the provisions governing the valuation manual permanent, rather than temporary or subject to repeal, ensuring ongoing applicability.

Scope: While not explicitly detailed in the available summary, the changes pertain to entities and processes regulated under the state insurance framework that use or reference the valuation manual for reporting purposes.

Note: Specifics such as exact deadlines, reporting frequencies, definitions, and enforcement mechanisms will be contained in the bill’s full text.

Affected Parties

Regulated Entities: Insurance companies and other entities required to submit reports related to the valuation manual.

Regulator: New York Department of Financial Services (or the relevant state insurance regulatory authority) that administers the valuation manual and associated reporting requirements.

Stakeholders: Insurers, auditors, actuaries, and legal/compliance professionals involved in reporting obligations tied to the valuation manual.

Procedural and Timeline Aspects

Current Status: Introduced and immediately referred to the Assembly Committee on Insurance (May 20, 2025). No further actions listed in the provided information.

Legislative Path: As with most bills, it would need committee consideration, potential amendments, and passage by both Assembly and Senate, followed by the governor’s signature to become law.

Related Legislation: Companion bill in the Senate is S 8097, indicating parallel consideration in a separate chamber.

Potential Impact

Creates clearer and possibly more flexible timelines for submitting valuation manual-related reports.

Ensures permanent status for valuation manual provisions, reducing the need for reauthorization and potential volatility in reporting requirements.

Could lessen regulatory or compliance risk for entities by providing consistent, long-term reporting expectations.

Next Steps for Interested Readers

Monitor the bill’s progress through the Assembly Insurance Committee and the full House.

Review the full text upon release to understand the precise revised timeframes and the exact language making the valuation manual permanent.

Compare with the companion Senate bill S 8097 for alignment or differences between chambers.

Bill