|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to insurance|
|Jan 24, 2013||referred to insurance|
senate Bill S2893
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2893 - Details
S2893 - Summary
Authorizes the issuance of certain annuity contracts involving alternative accounts.
S2893 - Sponsor Memo
BILL NUMBER:S2893 TITLE OF BILL: An act to amend the insurance law, in relation to authorizing the issuance of certain annuity contracts PURPOSE: To authorize the sale, issuance and delivery of contingent deferred annuity contracts or certificates in the state SUMMARY OF PROVISIONS: Section 1 of the bill would amend § 4223(b)(1) of the Insurance Law (standard nonforfeiture law for annuities) to clarify that contingent deferred annuity contracts or certificates may be authorized for issuance in New York Section 2 of the bill would add a new Subsection (g) to § 4240 of the Insurance Law (separate accounts) to allow domestic or authorized life insurers to issue group or individual contingent deferred annuity contracts and certificates in the state, that provide benefits based upon the value or decline in value of assets held in or relating to an alternative account as defined therein In no instance shall such alter- native accounts be deemed separate accounts or be subject to regulation as such. The Superintendent of Insurance would be empowered to require that such domestic or authorized life insurers issuing such annuities establish adequate systems of control and reporting to ensure that the underlying assets held in or related to an alternative account ate authorized and approved by such insurer
S2893 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2893 2013-2014 Regular Sessions I N S E N A T E January 24, 2013 ___________ 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. LBD06629-01-3
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