Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.
Impact
The anticipated impact of S08097 includes strengthened oversight and continuous evaluation by the Department of Financial Services. By adjusting submission timelines and ensuring that findings are reported every second and fifth year post-implementation, the bill signals a commitment to maintaining a robust regulatory environment in the insurance industry. This could lead to more effective management of insurance valuations, ensuring that they remain relevant and adequate within the evolving financial landscape.
Summary
Bill S08097, introduced by Senator Bailey, proposes amendments to Chapter 394 of the laws of 2018 regarding the insurance law's valuation manual. Specifically, the bill aims to modify the time periods for submitting reports related to the implementation of the valuation manual, with emphasis on making certain provisions permanent. This change is significant as it seeks to ensure ongoing assessment and responsiveness to the effects of this valuation manual in the insurance sector.
Contention
While specific points of contention are not detailed in the available documents, it can be inferred that potential debates surrounding S08097 may focus on the implications of making procedural elements permanent. Stakeholders in the insurance industry, regulatory bodies, and possibly consumer groups may have differing views on the frequency and nature of reporting, and the adequacy of the valuation manual itself. The long-term permanence of any modifications could also spark discussions on accountability and transparency in insurance practices.
Same As
Relates to the time period for submitting reports regarding the valuation manual; makes provisions relating to such valuation manual permanent.