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Assembly Bill A7383

2013-2014 Legislative Session

Relates to admitted assets for annuity risk where a single premium annuity contract has been purchased

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Archive: Last Bill Status - In Assembly Committee

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2013-A7383 (ACTIVE) - Details

See Senate Version of this Bill:
S3066
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง1110, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10535, S7310
2015-2016: S1296

2013-A7383 (ACTIVE) - Summary

Relates to admitted assets for annuity risk where a single premium annuity contract has been purchased.

2013-A7383 (ACTIVE) - Bill Text download pdf 

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

                                  7383

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 14, 2013
                               ___________

Introduced  by M. of A. QUART -- read once and referred to the Committee
  on Insurance

AN ACT to amend the insurance law, in relation to  admitted  assets  for
  annuity  risk  where  a  single  premium  annuity  contract  has  been
  purchased

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

  Section  1.  Subsection  (b)  of section 1110 of the insurance law, as
amended by chapter 419 of the laws  of  2001,  is  amended  to  read  as
follows:
  (b)  Every  such  domestic  corporation  or association shall maintain
admitted assets at least equal to the greater of  (i)  the  sum  of  its
reserves  on  its  outstanding agreements, calculated in accordance with
section four thousand two hundred  seventeen  of  this  chapter,  and  a
surplus  of  ten  per centum of such reserves, or (ii) the amount of one
hundred thousand dollars. In determining such reserves a deduction shall
be made for all or any portion of an annuity risk which is reinsured  by
a  life insurance company authorized to do business in this state OR FOR
ALL OR ANY PORTION OF AN ANNUITY RISK WHERE SUCH CORPORATION OR  ASSOCI-
ATION HAS PURCHASED A SINGLE PREMIUM ANNUITY CONTRACT FROM A LIFE INSUR-
ANCE  COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE TO FUND SUCH RISK.
The required admitted assets shall be invested in  accordance  with  the
prudent  investor  standard as defined in section 11-2.3 of the estates,
powers and trusts law and shall not be subject to the investment limita-
tions set forth in this chapter. Such  assets  shall  be  segregated  as
separate  and  distinct  funds,  independent  of all other funds of such
corporation or association, and shall not be applied to  pay  its  debts
and  obligations  or  for any purpose except the aforesaid annuity bene-
fits.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08141-01-3

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