Loading chat...
NY A10505
Bill
Status
3/6/2026
Primary Sponsor
Khaleel Anderson
Click for details
AI Summary
-
Directs the New York Department of Financial Services superintendent to study using Bitcoin for purchasing life insurance and annuities
-
Study must assess Bitcoin's qualification as an admitted asset to back policyholder obligations and evaluate statutory authority for insurers to hold Bitcoin as a permitted investment
-
Requires development of actuarial frameworks for Bitcoin-denominated reserves, minimum value calculations, and capital requirements for Bitcoin-focused insurance carriers
-
Must address policy form standards, disclosure requirements, suitability criteria, and coordination between insurance charters and BitLicense requirements
-
Report with findings and recommendations due to the governor and legislature within 18 months of the act taking effect
Legislative Description
Directs the superintendent of the department of financial services to conduct a study on the utilization of the cryptocurrency, bitcoin, for the purchasing of life insurance and annuities; provides for a report to the governor and the legislature.
Last Action
referred to insurance
3/6/2026