senate Bill S3365

2011-2012 Legislative Session

Relates to authorizing the issuance of certain annuity contracts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to insurance
Jun 24, 2011 committed to rules
May 11, 2011 advanced to third reading
May 10, 2011 2nd report cal.
May 09, 2011 1st report cal.551
Feb 17, 2011 referred to insurance

Votes

view votes

May 9, 2011 - Insurance committee Vote

S3365
15
1
committee
15
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: May 9, 2011

nay (1)
aye wr (2)

S3365 - Details

See Assembly Version of this Bill:
A6748
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§4223, 4240 & 6901, Ins L

S3365 - Summary

Authorizes the issuance of certain annuity contracts involving alternative accounts.

S3365 - Sponsor Memo

S3365 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3365

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 17, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- 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 authorizing the  issu-
  ance of certain annuity contracts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (H)  of  paragraph  1  of  subsection  (b)  of
section  4223  of the insurance law is relettered subparagraph (I) and a
new subparagraph (H) is added to read as follows:
  (H) GROUP OR INDIVIDUAL ANNUITY CONTRACT OR CERTIFICATE AUTHORIZED  BY
SUBSECTION  (G) OF SECTION FOUR THOUSAND TWO HUNDRED FORTY OF THIS ARTI-
CLE.
  S 2. Section 4240 of the insurance law is  amended  by  adding  a  new
subsection (g) to read as follows:
  (G)  A DOMESTIC OR AUTHORIZED LIFE INSURER MAY ISSUE GROUP OR INDIVID-
UAL ANNUITY CONTRACTS AND CERTIFICATES THAT PROVIDE BENEFITS BASED  UPON
THE VALUE OR DECLINE IN VALUE OF ASSETS HELD IN OR RELATING TO AN ALTER-
NATIVE  ACCOUNT  AT ANY TIME THE CONTRACT OR CERTIFICATE IS OUTSTANDING.
FOR PURPOSES OF  THIS  ARTICLE,  "ALTERNATIVE  ACCOUNT"  MEANS  A  TRUST
ACCOUNT,   CUSTODIAL  ACCOUNT,  SECURITIES  BROKERAGE  ACCOUNT,  MANAGED
ACCOUNT, ACTUAL OR SYNTHETIC INVESTMENT PORTFOLIO, OR,  IF  APPROVED  BY
THE  SUPERINTENDENT,  ANY  OTHER  ACCOUNT OR INVESTMENT ARRANGEMENT, THE
INVESTMENTS IN OR RELATED TO WHICH SHALL BE AS AUTHORIZED OR APPROVED BY
THE DOMESTIC OR AUTHORIZED LIFE INSURER ISSUING SUCH CONTRACT OR CERTIF-
ICATE. FOR PURPOSES OF THIS SUBSECTION, "ACTUAL OR SYNTHETIC  INVESTMENT
PORTFOLIO"  SHALL MEAN A PORTFOLIO OF INVESTED ASSETS LEGALLY OR BENEFI-
CIALLY OWNED BY THE OWNER OR BENEFICIARY OF  SUCH  CONTRACT  OR  CERTIF-
ICATE, OR A NOTIONAL PORTFOLIO OF INVESTED ASSETS THAT NEED NOT BE OWNED
BY  THE  OWNER  OR  BENEFICIARY  OF SUCH CONTRACT OR CERTIFICATE BUT THE
ADDITION OR REMOVAL OF ASSETS FROM SUCH NOTIONAL PORTFOLIO  ARE  SUBJECT
TO  THE  CONTROL OF THE OWNER OR BENEFICIARY OF SUCH CONTRACT OR CERTIF-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08908-01-1

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