A11404 • 2025

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

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Sponsor: David Weprin
Last action: 2026-05-15
Official status: In Assembly Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

What This Bill Does

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-05-15 Assembly
REFERRED TO INSURANCE

Official Summary Text

Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"
Enacts the "Terminate Excessive Cross-state Actuarial Subsidization (TEXAS) Act" which requires life insurance companies to take state specific population health information into account as a factor; requires the superintendent of financial services to develop a standard weight to be given to state specific population health information in rate-setting.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          11404

                                  I N  A S S E M B L Y

                                      May 15, 2026
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weprin) --
          read once and referred to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to enacting  the  "Termi-
          nate Excessive Cross-state Actuarial Subsidization (TEXAS) Act"

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the  "Terminate  Excessive  Cross-state  Actuarial Subsidization (TEXAS)
     3  Act".
     4    § 2. The insurance law is amended by adding a new section 4242 to read
     5  as follows:
     6    § 4242. LIFE INSURANCE RATES. (A) NOTWITHSTANDING ANY PROVISION OF LAW
     7  TO THE CONTRARY, EVERY LIFE INSURANCE COMPANY  DOING  BUSINESS  IN  THIS
     8  STATE SHALL BE REQUIRED TO TAKE NEW YORK STATE SPECIFIC HEALTH, MORBIDI-
     9  TY  AND  MORTALITY INFORMATION INTO ACCOUNT AS A FACTOR WHEN CALCULATING
    10  ANY PREMIUM RATES FOR ANY POLICY OR CONTRACT ISSUED WITHIN THIS STATE.
    11    (B) THE SUPERINTENDENT SHALL  PROMULGATE  REGULATIONS  ESTABLISHING  A
    12  STANDARD  WEIGHT  GIVEN TO NEW YORK STATE SPECIFIC HEALTH, MORBIDITY AND
    13  MORTALITY INFORMATION WHEN CALCULATING ANY PREMIUM RATES FOR ANY  POLICY
    14  OR  CONTRACT  ISSUED  WITHIN  THIS STATE.   EVERY LIFE INSURANCE COMPANY
    15  DOING BUSINESS IN THIS STATE SHALL  USE  SUCH  STANDARD  WEIGHT  IN  ITS
    16  FORMULAE.
    17    §  3. This act shall take effect on the first of January next succeed-
    18  ing the date on which it shall have become a  law  and  shall  apply  to
    19  policies  and contracts issued, renewed, amended, modified or altered on
    20  or after such date.   Effective  immediately,  the  addition,  amendment
    21  and/or repeal of any rule or regulation necessary for the implementation
    22  of  this  act  on  its  effective  date  are  authorized  to be made and
    23  completed on or before such effective date.


         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15818-02-6