senate Bill S6666

Signed By Governor
2021-2022 Legislative Session

Modifies certain interest rates for life insurance within the standard nonforfeiture law

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (22)
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
Feb 14, 2022 referred to insurance
delivered to assembly
passed senate
Feb 02, 2022 advanced to third reading
Feb 01, 2022 2nd report cal.
Jan 31, 2022 1st report cal.348
Jan 05, 2022 referred to insurance
returned to senate
died in assembly
Jun 02, 2021 referred to insurance
delivered to assembly
passed senate
May 24, 2021 advanced to third reading
May 20, 2021 2nd report cal.
May 18, 2021 1st report cal.1167
May 11, 2021 referred to insurance

Votes

view votes

Jan 31, 2022 - Insurance committee Vote

S6666
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Jan 31, 2022

May 18, 2021 - Insurance committee Vote

S6666
9
1
committee
9
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: May 18, 2021

nay (1)
aye wr (1)

S6666 (ACTIVE) - Details

See Assembly Version of this Bill:
A7699
Law Section:
Insurance Law
Laws Affected:
Amd §4221, Ins L

S6666 (ACTIVE) - Summary

Modifies certain interest rates for life insurance within the standard nonforfeiture law.

S6666 (ACTIVE) - Sponsor Memo

S6666 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6666
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 11, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  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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