Bill
S 5308
Requires self-supporting life insurance and annuity policies to be financially self-sustaining, and repeals the existing related statute.
This summary reflects the information publicly available about the bill as of its introduction. The text of the measure is not provided in the available materials, so the following sections describe the bill’s likely aims based on its title and typical legislative language, together with what is confirmed about its status.
Based on the title, S 5308 appears to require that life insurance and annuity policies offered by self-supporting programs or lines of business be maintained in a self-sustaining fashion. The measure also indicates a repealer, which implies it would repeal a current statutory provision related to this topic. The exact definitions, standards, and scope of “self supporting” (e.g., solvency, reserves, profitability, cross-subsidization restrictions) are not provided in the available text.
The precise statutory text is not included here, but the bill would typically address:
- A definition of “self supporting” life insurance and annuity policies or lines of business.
- Requirements for reserves, solvency, profitability, or funding that ensure policies are self-supporting.
- Standards or metrics to determine whether a policy or business line is self-supporting.
- Repeal of a current statute or regulatory provision governing self-support or cross-subsidization related to life insurance and annuities.
- Effective date and any transitional provisions.
- Compliance, reporting, and enforcement mechanisms for insurers and regulators.
If you’d like, I can tailor this summary further once the bill text becomes available or add a comparison chart with S 7069 once its details are known.
Compiled from official sources — confirm details with the bill’s official record.
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