Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 21, 2022 |
signed chap.443 |
Jul 11, 2022 |
delivered to governor |
May 16, 2022 |
returned to senate passed assembly ordered to third reading rules cal.197 substituted for a7699 |
May 16, 2022 |
substituted by s6666 rules report cal.197 reported |
May 11, 2022 |
reported referred to rules |
Jan 05, 2022 |
referred to insurance |
May 20, 2021 |
referred to insurance |
Assembly Bill A7699
Signed By Governor2021-2022 Legislative Session
Sponsored By
HUNTER
Archive: Last Bill Status Via S6666 - 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
co-Sponsors
John T. McDonald III
Donna Lupardo
Sarah Clark
2021-A7699 (ACTIVE) - Details
- See Senate Version of this Bill:
- S6666
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4221, Ins L
2021-A7699 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7699 2021-2022 Regular Sessions I N A S S E M B L Y May 20, 2021 ___________ Introduced by M. of A. HUNTER -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to modifying certain interest rates for life insurance within the standard nonforfeiture law THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (H) of paragraph 2 of subsection (n-1) of section 4221 of the insurance law, as added by chapter 365 of the laws of 1986, is amended to read as follows: (H) "Net level whole life annual premium at issue" means an annual premium based on face amounts of insurance set forth in the policy and on the assumption of level annual premiums for life, the mortality table rate used to calculate the maximum mortality charges (but not greater than that permitted under item (iv) of subparagraph (A) of paragraph three of this subsection) and an interest rate based on the [higher of four percent or that] RATE specified in the policy BUT NOT LESS THAN THE LESSER OF FOUR PERCENT AND THE NONFORFEITURE INTEREST RATE PER ANNUM PURSUANT TO PARAGRAPH TEN OF SUBSECTION (K) OF THIS SECTION. § 2. Item (iii) of subparagraph (B) of paragraph 3 of subsection (n-1) of section 4221 of the insurance law, as added by chapter 365 of the laws of 1986, is amended to read as follows: (iii) The policy shall provide that at least once each policy year the policyholder has the option to apply the portion of the cash surrender value necessary to provide an amount of guaranteed paid-up life insur- ance at least as great as the lesser of (I) and (II), where (I) is the amount of paid-up life insurance provided by applying the cash surrender value to provide such paid-up insurance, computed on the basis of an interest rate (not less than [four] THE LESSER OF (AA) FOUR PERCENT AND (BB) THE NONFORFEITURE INTEREST RATE PER ANNUM PURSUANT TO PARAGRAPH TEN OF SUBSECTION (K) OF THIS SECTION MINUS ONE percent) guaranteed in the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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