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Assembly Bill A8164

2021-2022 Legislative Session

Relates to certain charitable annuities

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Archive: Last Bill Status - In Assembly Committee

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2021-A8164 (ACTIVE) - Details

See Senate Version of this Bill:
S8134
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1110, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A4599, S2683

2021-A8164 (ACTIVE) - Summary

Provides that certain charitable annuities may be unisex in nature and shall be computed on the basis of currently applicable mortality tables for calculating the reserves for individual annuities; makes related provisions.

2021-A8164 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8164
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 7, 2021
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend  the insurance law, in relation to certain charitable
   annuities
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subsection  (a)  of section 1110 of the insurance law, as
 amended by chapter 199 of the laws  of  2004,  is  amended  to  read  as
 follows:
   (a)  The superintendent may, in his OR HER discretion, issue a special
 permit to make annuity agreements with  donors  to  any  duly  organized
 domestic or foreign non-stock corporation or association conducted with-
 out  profit and engaged in active operation for at least ten years prior
 thereto solely in bona fide charitable,  religious,  missionary,  educa-
 tional  or  philanthropic  activities.  The  permit shall authorize such
 corporation or association to receive gifts of cash and  other  property
 conditioned  upon,  or in return for, its agreement to pay an annuity to
 the donor, or his OR HER nominee, and to make and carry out such annuity
 agreement. Every such corporation or association  shall,  before  making
 such  agreement,  file  with  the  superintendent copies of its forms of
 agreements with annuitants and a schedule of its maximum annuity  rates,
 which shall be computed [on the basis of the annuity standard adopted by
 it  for  calculating  its  reserves]  so  as  to  return  to it upon the
 annuitant's death a residue at least equal to one-half the original gift
 or other consideration for such annuity. THE MAXIMUM ANNUITY  RATES  MAY
 BE  UNISEX  IN  NATURE  AND  SHALL BE COMPUTED ON THE BASIS OF CURRENTLY
 APPLICABLE MORTALITY TABLES FOR CALCULATING THE RESERVES FOR  INDIVIDUAL
 ANNUITIES  PURSUANT  TO  SECTION  FOUR THOUSAND TWO HUNDRED SEVENTEEN OF
 THIS CHAPTER. THE YIELD OF THE TEN YEAR TREASURY  BOND  YIELD  PLUS  TWO
 PERCENT  AS  OF  APRIL THIRTIETH, ROUNDED TO THE NEAREST 0.25%, SHALL BE
 USED TO CALCULATE THE MAXIMUM ANNUITY RATES TO BECOME  EFFECTIVE  AS  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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