Senate Bill S8134

2021-2022 Legislative Session

Relates to certain charitable annuities

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S8134 (ACTIVE) - Details

See Assembly Version of this Bill:
A8164
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1110, Ins L
Versions Introduced in 2023-2024 Legislative Session:
S2683, A4599

2021-S8134 (ACTIVE) - Summary

Provides that certain charitable annuities may be unisex in nature and shall be computed on the basis of currently applicable mortality tables for calculating the reserves for individual annuities; makes related provisions.

2021-S8134 (ACTIVE) - Sponsor Memo

2021-S8134 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8134
 
                             I N  S E N A T E
 
                             January 25, 2022
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in  relation  to  certain  charitable
   annuities
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (a) of section 1110 of  the  insurance  law,  as
 amended  by  chapter  199  of  the  laws  of 2004, is amended to read as
 follows:
   (a) The superintendent may, in his OR HER discretion, issue a  special
 permit  to  make  annuity  agreements  with donors to any duly organized
 domestic or foreign non-stock corporation or association conducted with-
 out profit and engaged in active operation for at least ten years  prior
 thereto  solely  in  bona fide charitable, religious, missionary, educa-
 tional or philanthropic activities.  The  permit  shall  authorize  such
 corporation  or  association to receive gifts of cash and other property
 conditioned upon, or in return for, its agreement to pay an  annuity  to
 the donor, or his OR HER nominee, and to make and carry out such annuity
 agreement.  Every  such  corporation or association shall, before making
 such agreement, file with the superintendent  copies  of  its  forms  of
 agreements  with annuitants and a schedule of its maximum annuity rates,
 which shall be computed [on the basis of the annuity standard adopted by
 it for calculating its  reserves]  so  as  to  return  to  it  upon  the
 annuitant's death a residue at least equal to one-half the original gift
 or  other  consideration for such annuity. THE MAXIMUM ANNUITY RATES MAY
 BE UNISEX IN NATURE AND SHALL BE COMPUTED  ON  THE  BASIS  OF  CURRENTLY
 APPLICABLE  MORTALITY TABLES FOR CALCULATING THE RESERVES FOR INDIVIDUAL
 ANNUITIES PURSUANT TO SECTION FOUR THOUSAND  TWO  HUNDRED  SEVENTEEN  OF
 THIS  CHAPTER.  THE  YIELD  OF THE TEN YEAR TREASURY BOND YIELD PLUS TWO
 PERCENT AS OF APRIL THIRTIETH, ROUNDED TO THE NEAREST  0.25%,  SHALL  BE
 USED  TO  CALCULATE  THE MAXIMUM ANNUITY RATES TO BECOME EFFECTIVE AS OF
 JULY FIRST OF THE SAME YEAR AND THE TEN YEAR TREASURY  BOND  YIELD  PLUS
 TWO  PERCENT  AS  OF OCTOBER THIRTY-FIRST, ROUNDED TO THE NEAREST 0.25%,
 SHALL BE USED TO CALCULATE THE MAXIMUM ANNUITY RATES TO BECOME EFFECTIVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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