Senate Bill S811

Signed By Governor
2023-2024 Legislative Session

Relates to annuity benefits

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor

  • 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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2023-S811 (ACTIVE) - Details

See Assembly Version of this Bill:
A2199
Law Section:
Insurance Law
Laws Affected:
Amd §4223, Ins L (as proposed in S.7744-A & A.9128-A)

2023-S811 (ACTIVE) - Summary

Relates to dividend benefits regarding deferred income annuities.

2023-S811 (ACTIVE) - Sponsor Memo

2023-S811 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    811
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the insurance law, in relation to annuity benefits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subparagraph  (E)  of  paragraph  1  of subsection (a) of
 section 4223 of the insurance law, as amended by a chapter of  the  laws
 of  2022  amending  the  insurance  law relating to authorizing dividend
 paying deferred income  annuities,  as  proposed  in  legislative  bills
 numbers S.  7744-A and A. 9128-A, is amended to read as follows:
   (E) (i) Except as provided in [clause] ITEM (ii) of this subparagraph,
 a  statement that the annuity benefits at the time of their commencement
 will not be less than those that would be provided by the application of
 an amount, hereinafter defined, to  purchase  any  single  consideration
 immediate  annuity  contract  offered  by the company at the time to the
 same class of annuitants. For  contracts  that  provide  cash  surrender
 benefits, such amount shall be the greater of the cash surrender benefit
 or  ninety-five  percent  of what the cash surrender benefit would be if
 there were no withdrawal charge. For contracts that do not provide  cash
 surrender  benefits, such amount shall be the present value of the paid-
 up annuity benefit  provided  under  the  contract  in  accordance  with
 subsection (d) of this section.
   (ii)  For  paid-up  deferred annuity contracts in which each consider-
 ation paid into the contract purchases guaranteed paid-up annuity  bene-
 fits  determined at the time the consideration is paid, a statement that
 the annuity benefits at the time each consideration is paid will not  be
 less than those that would be provided by the application of the consid-
 eration  to current purchase rates for new sales of such contract or any
 comparable paid-up deferred annuity contract offered by the  company  at
 that  time  to  the same class of annuitants. For purposes of this item,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04041-01-3
 S. 811                              2

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