|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Sep 12, 2017 |
signed chap.297 |
| Aug 31, 2017 |
delivered to governor |
| Jun 08, 2017 |
returned to assembly passed senate 3rd reading cal.674 substituted for s2525b |
| Jun 08, 2017 |
substituted by a7152a |
| May 03, 2017 |
advanced to third reading amended 2525b |
| May 02, 2017 |
2nd report cal. |
| May 01, 2017 |
1st report cal.674 |
| Apr 28, 2017 |
print number 2525a |
| Apr 28, 2017 |
amend and recommit to insurance |
| Jan 13, 2017 |
referred to insurance |
Senate Bill S2525A
Signed By Governor2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A7152 - 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
Actions
Votes
Bill Amendments
2017-S2525 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4231, Ins L
2017-S2525 - Sponsor Memo
BILL NUMBER: S2525
TITLE OF BILL :
An act to amend the insurance law, in relation to annuity dividend
reinvestment
SUMMARY OF PROVISIONS :
Section 1 of the bill would amend section 4231 of the Insurance Law to
clarify that for purposes of any individual or group participating
annuity contract, the annuitant may elect to reinvest the annuity
dividend.
Section 2 is the effective date.
JUSTIFICATION :
This proposal seeks to amend § 4231 of the insurance law to clarify
that paid-up additions are an option for the use of policyholder
dividends by annuitants. This revision is beneficial to the annuity
customer since it will allow them to have the option to automatically
reinvest their policyholder dividend distributions to paid-up
additions in their annuity contract, which can then be converted into
future income.
2017-S2525 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2525
2017-2018 Regular Sessions
I N S E N A T E
January 13, 2017
___________
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 annuity dividend rein-
vestment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 6 of subsection (b) of section 4231 of the insur-
ance law is amended to read as follows:
(6) In the case of any individual term policy [and of every individual
participating annuity] or pure endowment contract, the dividends so
apportioned shall be applicable, at the election of the holder of such
policy or contract, in accordance with the options specified in subpara-
graph (A) or (B) of paragraph one hereof or if the policy or contract so
provides, subparagraph (D) of paragraph one hereof. IN THE CASE OF ANY
INDIVIDUAL OR GROUP PARTICIPATING ANNUITY CONTRACT, THE DIVIDENDS SO
APPORTIONED SHALL BE APPLICABLE, AT THE ELECTION OF THE HOLDER OF SUCH
INDIVIDUAL PARTICIPATING ANNUITY CONTRACT OR THE HOLDER OF ANY CERTIF-
ICATE UNDER SUCH GROUP PARTICIPATING ANNUITY CONTRACT, IN ACCORDANCE
WITH THE OPTIONS PROVIDED IN THE CONTRACT OR CERTIFICATE UNDER A GROUP
CONTRACT, WHICH SHALL INCLUDE ONE OR MORE OF THE OPTIONS SPECIFIED IN
SUBPARAGRAPH (A), (B), (C), OR (D) OF PARAGRAPH ONE HEREOF. In the case
of any such term policy or annuity or pure endowment contract, the
requirement as to notice of election hereinbefore specified shall be
applicable, but the option which shall be applied in case the holder of
such contract fails to make such election shall be determined by the
company with the approval of the superintendent.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06792-03-7
2017-S2525A - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4231, Ins L
2017-S2525A - Sponsor Memo
BILL NUMBER: S2525A
PURPOSE :
To provide for the election of automatic reinvestment of dividend
distributions.
SUMMARY OF PROVISIONS :
Section 1 of the bill would amend paragraph (6) of subsection (b) of
section 4231 of the Insurance Law to reference for purposes of an
individual participating annuity contract, the clarification
applicable to participating income annuity contracts set forth in new
paragraph (8) of subsection (b) of section 4231 of the Insurance Law
that the annuitant may elect to reinvest the annuity dividend.
Section 2 of the bill would amend paragraph (7) of subsection (b) of
section 4231 of the Insurance Law to reference for purposes of a group
participating annuity contract, the clarification applicable to
participating income annuity contracts set forth in new paragraph (8)
of subsection (b) of section 4231 of the Insurance Law that the
annuitant may elect to reinvest the annuity dividend.
Section 3 of the bill would amend section 4231 of the Insurance Law to
create a new paragraph (8) of subsection (b) to clarify that for
purposes of individual or group participating income annuity
2017-S2525A - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2525--A
2017-2018 Regular Sessions
I N S E N A T E
January 13, 2017
___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the insurance law, in relation to annuity dividend rein-
vestment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 6 of subsection (b) of section 4231 of the insur-
ance law is amended to read as follows:
(6) In the case of any individual term policy [and of every individual
participating annuity], OTHER THAN AN ANNUITY DESCRIBED IN PARAGRAPH
EIGHT OF THIS SUBSECTION, or pure endowment contract, the dividends so
apportioned shall be applicable, at the election of the holder of such
policy or contract, in accordance with the options specified in subpara-
graph (A) or (B) of paragraph one [hereof] OF THIS SUBSECTION or if the
policy or contract so provides, subparagraph (D) of paragraph one [here-
of] OF THIS SUBSECTION. In the case of any such term policy or annuity
or pure endowment contract, the requirement as to notice of election
hereinbefore specified shall be applicable, but the option which shall
be applied in case the holder of such contract fails to make such
election shall be determined by the company with the approval of the
superintendent.
§ 2. Paragraph 7 of subsection (b) of section 4231 of the insurance
law is amended to read as follows:
(7) In the case of any participating group policy of life insurance or
any participating group or blanket policy of accident and health insur-
ance, or of any participating group annuity contract, OTHER THAN AN
ANNUITY DESCRIBED IN PARAGRAPH EIGHT OF THIS SUBSECTION, the dividend so
apportioned shall, at the option of the policyholder or holder of the
master contract, be applied pursuant to subparagraph (A) or (B) of para-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
2017-S2525B (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4231, Ins L
2017-S2525B (ACTIVE) - Sponsor Memo
BILL NUMBER: S2525B
TITLE OF BILL : An act to amend the insurance law, in relation to
annuity dividend reinvestment
PURPOSE :
To provide for the election of automatic reinvestment of dividend
distributions.
SUMMARY OF PROVISIONS :
Section 1 of the bill would amend paragraph (6) of subsection (b) of
section 4231 of the Insurance Law to reference for purposes of an
individual participating annuity contract, the clarification
applicable to participating income annuity contracts set forth in new
paragraph (8) of subsection (b) of section 4231 of the Insurance Law
that the annuitant may elect to reinvest the annuity dividend.
Section 2 of the bill would amend paragraph (7) of subsection (b) of
section 4231 of the Insurance Law to reference for purposes of a group
participating annuity contract, the clarification applicable to
participating income annuity contracts set forth in new paragraph (8)
of subsection (b) of section 4231 of the Insurance Law that the
annuitant may elect to reinvest the annuity dividend.
2017-S2525B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2525--B
Cal. No. 674
2017-2018 Regular Sessions
I N S E N A T E
January 13, 2017
___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- reported favorably from said committee, ordered
to first and second report, amended on second report, ordered to a
third reading, and to be reprinted as amended, retaining its place in
the order of third reading
AN ACT to amend the insurance law, in relation to annuity dividend rein-
vestment
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 6 of subsection (b) of section 4231 of the insur-
ance law is amended to read as follows:
(6) In the case of any individual term policy and of every individual
participating annuity, OTHER THAN AN ANNUITY DESCRIBED IN PARAGRAPH
EIGHT OF THIS SUBSECTION, or pure endowment contract, the dividends so
apportioned shall be applicable, at the election of the holder of such
policy or contract, in accordance with the options specified in subpara-
graph (A) or (B) of paragraph one [hereof] OF THIS SUBSECTION or if the
policy or contract so provides, subparagraph (D) of paragraph one [here-
of] OF THIS SUBSECTION. In the case of any such term policy or annuity
or pure endowment contract, the requirement as to notice of election
hereinbefore specified shall be applicable, but the option which shall
be applied in case the holder of such contract fails to make such
election shall be determined by the company with the approval of the
superintendent.
§ 2. Paragraph 7 of subsection (b) of section 4231 of the insurance
law is amended to read as follows:
(7) In the case of any participating group policy of life insurance or
any participating group or blanket policy of accident and health insur-
ance, or of any participating group annuity contract, OTHER THAN AN
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.