Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 16, 2022 |
returned to senate passed assembly ordered to third reading rules cal.216 substituted for a9128a |
May 16, 2022 |
substituted by s7744a rules report cal.216 reported |
May 11, 2022 |
reported referred to rules |
May 02, 2022 |
print number 9128a |
May 02, 2022 |
amend and recommit to insurance |
Jan 31, 2022 |
referred to insurance |
Assembly Bill A9128
2021-2022 Legislative Session
Sponsored By
STERN
Archive: Last Bill Status Via S7744 - Passed Assembly
- 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
2021-A9128 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4223, Ins L
2021-A9128 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9128 I N A S S E M B L Y January 31, 2022 ___________ Introduced by M. of A. STERN -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to authorizing dividend paying deferred income annuities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (E) of paragraph 1 of subsection (a) of section 4223 of the insurance law, as amended by chapter 864 of the laws of 1985, is amended to read as follows: (E) A statement that the annuity benefits at the time of their commencement will not be less than those that would be provided by the application of an amount, hereinafter defined, to purchase any single consideration immediate annuity contract offered by the company at the time to the same class of annuitants. For contracts that provide cash surrender benefits, such amount shall be the greater of the cash surren- der benefit or ninety-five percent of what the cash surrender benefit would be if there were no withdrawal charge. For contracts that do not provide cash surrender benefits, such amount shall be the present value of the paid-up annuity benefit provided under the contract in accordance with subsection (d) of this section. FOR PURPOSES OF THIS SUBPARAGRAPH, PURCHASERS OF DIVIDEND PAYING ANNUITIES SHALL BE CONSIDERED A SEPARATE CLASS OF ANNUITANTS FROM PURCHASERS OF ANNUITIES THAT DO NOT PAY DIVI- DENDS, THEREBY ALLOWING THE ANNUITY BENEFITS UNDER A DIVIDEND PAYING DEFERRED INCOME ANNUITY TO BE COMPARED TO THE ANNUITY BENEFITS UNDER A DIVIDEND PAYING SINGLE CONSIDERATION IMMEDIATE ANNUITY OFFERED BY THE COMPANY TO SATISFY THE REQUIREMENT OF THIS SUBPARAGRAPH. This statement will not affect the amount of any benefits required to be provided under any other provision of this section. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14228-01-2
co-Sponsors
Phil Steck
2021-A9128A (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4223, Ins L
2021-A9128A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9128--A I N A S S E M B L Y January 31, 2022 ___________ Introduced by M. of A. STERN -- read once and referred 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 authorizing dividend paying deferred income annuities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (E) of paragraph 1 of subsection (a) of section 4223 of the insurance law, as amended by chapter 864 of the laws of 1985, is amended to read as follows: (E) [A] (I) EXCEPT AS PROVIDED IN CLAUSE (II) OF THIS SUBPARAGRAPH, A statement that the annuity benefits at the time of their commencement will not be less than those that would be provided by the application of an amount, hereinafter defined, to purchase any single consideration immediate annuity contract offered by the company at the time to the same class of annuitants. For contracts that provide cash surrender benefits, such amount shall be the greater of the cash surrender benefit or ninety-five percent of what the cash surrender benefit would be if there were no withdrawal charge. For contracts that do not provide cash surrender benefits, such amount shall be the present value of the paid- up annuity benefit provided under the contract in accordance with subsection (d) of this section. [This statement will not affect the amount of any benefits required to be provided under any other provision of this section.] (II) FOR PAID-UP DEFERRED ANNUITY CONTRACTS IN WHICH EACH CONSIDER- ATION PAID INTO THE CONTRACT PURCHASES GUARANTEED PAID-UP ANNUITY BENE- FITS DETERMINED AT THE TIME THE CONSIDERATION IS PAID, A STATEMENT THAT THE ANNUITY BENEFITS AT THE TIME EACH CONSIDERATION IS PAID WILL NOT BE LESS THAN THOSE THAT WOULD BE PROVIDED BY THE APPLICATION OF THE CONSID- ERATION TO CURRENT PURCHASE RATES FOR NEW SALES OF SUCH CONTRACT OR ANY COMPARABLE PAID-UP DEFERRED ANNUITY CONTRACT OFFERED BY THE COMPANY AT THAT TIME TO THE SAME CLASS OF ANNUITANTS. FOR PURPOSES OF THIS ITEM, DIVIDENDS APPLIED TO PURCHASE PAID-UP ADDITIONS TO THE CONTRACT SHALL BE TREATED AS CONSIDERATIONS PAID INTO THE CONTRACT. THIS STATEMENT SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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