WeVote
Log In

Bill

Bill

S 8097

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 Jamaal Bailey

Bill S 8097 establishes a permanent framework for insurance companies to submit valuation manual reports, enhancing regulatory clarity and operational efficiency.

REFERRED TO INSURANCE
0
WeVote Research Nonpartisan
Bill Summary · S 8097

Summary of Bill S 8097

Bill Information

  • Bill Number: S 8097
  • 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 Insurance
  • Introduced: May 15, 2025
  • Classification: Bill
  • Related Bills: A 8494 (companion)

Purpose and Intent

Bill S 8097 aims to establish a permanent framework for the submission of reports concerning the valuation manual used in the insurance industry. The valuation manual is a critical document that outlines the standards and methodologies for valuing insurance liabilities, which is essential for ensuring the financial stability and regulatory compliance of insurance companies.

Key Provisions

  • Permanent Provisions: The bill seeks to make certain provisions related to the valuation manual permanent, thereby eliminating the need for periodic reauthorization or renewal of these provisions.
  • Submission Timeline: It specifies a defined time period for insurance companies to submit their reports regarding the valuation manual, ensuring timely compliance and reporting.
  • Regulatory Framework: The bill reinforces the regulatory framework surrounding the valuation manual, aiming to enhance clarity and consistency in how insurance companies assess their liabilities.

Impact

  • Insurance Companies: The primary stakeholders affected by this bill are insurance companies that utilize the valuation manual for their financial reporting and regulatory compliance. By establishing a permanent framework, the bill aims to reduce administrative burdens and enhance operational efficiency.
  • Regulatory Bodies: State insurance regulators will benefit from clearer guidelines and timelines for report submissions, which may streamline oversight processes.
  • Policyholders: Indirectly, policyholders may experience increased confidence in the financial health of their insurance providers, as a well-regulated valuation process can lead to more stable insurance markets.

Procedural Aspects

  • The bill was introduced on May 15, 2025, and has been referred to the Insurance committee for further consideration. The timeline for subsequent actions or votes has not yet been established, as it is currently in the early stages of the legislative process.

In summary, Bill S 8097 is a legislative effort to solidify the processes surrounding the valuation manual in the insurance sector, aiming for improved regulatory clarity and efficiency.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.