senate Bill S2893

2013-2014 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Jan 24, 2013 referred to insurance

S2893 - Details

See Assembly Version of this Bill:
A9962
Law Section:
Insurance Law
Laws Affected:
Amd §§4223, 4240 & 6901, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S3365, A6748

S2893 - Summary

Authorizes the issuance of certain annuity contracts involving alternative accounts.

S2893 - Sponsor Memo

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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