INS-51-09-00001-P Public Retirement Systems - Reporting of Supplementary Data Related to the Reserve Liabilities

12/23/09 N.Y. St. Reg. INS-51-09-00001-P

NEW YORK STATE REGISTER

VOLUME XXXI, ISSUE 51

December 23, 2009

RULE MAKING ACTIVITIES

INSURANCE DEPARTMENT

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. INS-51-09-00001-P

Public Retirement Systems - Reporting of Supplementary Data Related to the Reserve Liabilities

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:

Proposed Action:

This is a consensus rule making to repeal Part 135 of Title 11 NYCRR.

Statutory authority:

Insurance Law, sections 201, 301, 307(a); Retirement and Social Security Law, sections 15, 315; Education Law, section 523; Administrative Code of the City of New York, sections 13-183, 13-266, 13-378, 13-562; and the Rules and Regulations of the Retirement Board of the Board of Education of the City of New York, section 25

Subject:

Public Retirement Systems - Reporting of Supplementary Data related to the Reserve Liabilities.

Purpose:

To eliminate requirements relating to a previous annual statement that no longer is in use.

Text of proposed rule:

11 NYCRR 135 (Regulation 67) is hereby repealed.

Text of proposed rule and any required statements and analyses may be obtained from:

Andrew Mais, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Peter Kreuter, New York State Insurance Department, 25 Beaver Street, New York, NY 10004, [phone], email: [e-mail]

Public comment will be received until:

45 days after publication of this notice.

Consensus Rule Making Determination

The regulation requires reporting of certain financial transactions and reserve liabilities by public retirement systems maintained by the City of New York and the State of New York. The regulation refers to items in an obsolete annual statement form that was replaced in 2007 by a completely new form. Those reporting requirements, along with filing instructions, are now included in the new annual statement form.

The repeal eliminates requirements relating to a previous annual statement form that no longer is in use, and eliminates regulatory provisions that are no longer applicable to any person.

Job Impact Statement

The proposed repeal should have no impact on jobs and employment opportunities in New York State.

A new annual statement form has been in use for public retirement systems maintained by the City of New York and the State of New York since 2007. The regulation has been of no force and effect since that time. The repeal eliminates unneeded computation based on an annual statement form that is no longer in use.

There would be no impact on jobs or employment opportunities in New York State.