New York 2025 Session Status: Introduced

S10017 — Indexes fixed amounts and clarifies compliance for life insurance and annuity businesses; repealer

Last action — In Assembly Committee

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  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the Senate. Introduced April 22, 2026. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Prognosis

Not enough signal yet

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

Not enough signal yet to read this bill's trajectory — we surface a likelihood only once there's real movement (stage, sponsorship, committee, or votes) to point to.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

The bill updates life insurance and annuity regulations to reflect inflation and reduce requirements.

This bill adjusts fixed dollar amounts in insurance laws to keep pace with inflation, simplifies compliance for businesses, and eliminates outdated language and paperwork. It aims to streamline operations for life insurance and annuity companies.

Summary

Indexes fixed dollar amounts in the statute to inflation, authorizes changes to compensation plans, removes obsolete language, and removes unnecessary filing requirements for certain life insurance and annuity businesses.

Bill Text

How this bill changes current law

1 change Share ↗

Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 4228 of the insurance law.

  • Section 4228 of the insurance law

    periodically the expense of direct solicitation advertising that either includes an application or solicits a response to obtain an application for a policy or contract regulated under this section; (D) , which includes but is not limited to (E) (F) (G) → on January first of each year by increasing the previous year's limits by the percentage adjustment of the annual minimum wage as provided by subdivision one-b of section six hundred fifty-two of the labor law italics On and after January first, two thousand twenty-seven, the superintendent shall authorize higher limits on the value of prizes and awards under this section on January first of each year by increasing the previous year's limits by the percentage adjust- ment of the annual minimum wage as provided by subdivision one-b of section six hundred fifty-two of the labor law. Nothing contained in this section or any other provision of law shall prohibit a company from making changes to any compensation payable on policies or contracts that are in force and subject to an existing plan, provided that the changed compensation meets the applicable requirements of subsections (d) and (e) of this section. A company shall be permitted to make such changes, and changes whose effect is to increase or otherwise change, but not reduce, the compensation shall be set forth pursuant to a compensation plan that is filed in accordance with the same requirements of this section that would apply if such compensation applied only pros- pectively to new business. (D) (E) (F) , but excluding any annual marketing or distribution fee on a mutual fund or any portion thereof received by the company pursuant to Rule 12b-1 under the Investment Company Act of 1940, 17 C.F.R. 270.12b-1, which is then paid by the company to the agent or broker

    amended

Action History

  1. REFERRED TO INSURANCE

  2. DELIVERED TO ASSEMBLY

  3. PASSED SENATE

  4. ADVANCED TO THIRD READING

  5. 2ND REPORT CAL.

  6. 1ST REPORT CAL.1128

  7. REFERRED TO INSURANCE

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 218 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (218)

218 members have not signed on to this bill.

Show all 218 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S10017 do?
Indexes fixed dollar amounts in the statute to inflation, authorizes changes to compensation plans, removes obsolete language, and removes unnecessary filing requirements for certain life insurance and annuity businesses.
Who sponsors S10017?
S10017 is sponsored by Jamaal Bailey.
What is the current status of S10017?
This bill has been introduced in the Senate. Introduced April 22, 2026. It must pass committee before a floor vote.
Where can I track S10017?
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