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 11, 2022 |
referred to insurance delivered to assembly passed senate |
May 02, 2022 |
amended on third reading 7744a |
Mar 09, 2022 |
advanced to third reading |
Mar 08, 2022 |
2nd report cal. |
Mar 07, 2022 |
1st report cal.662 |
Jan 10, 2022 |
referred to insurance |
Senate Bill S7744
2021-2022 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - Passed Senate & 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-S7744 - Details
- See Assembly Version of this Bill:
- A9128
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4223, Ins L
2021-S7744 - Sponsor Memo
BILL NUMBER: S7744 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to authorizing dividend paying deferred income annuities SUMMARY OF PROVISIONS: Section 1. Subparagraph (E) of paragraph (1) of subsection (a) of section 4223 of the insurance law is amended to provide that purchasers of annuities that pay a dividend are a separate class of annuitants from purchasers of annuities that do not pay a dividend. Section 2. Effective Date JUSTIFICATION: This legislation is necessary to ensure that New York consumers have access to a full array of annuity products, including participating deferred income annuities, which have become increasingly popular in
2021-S7744 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7744 I N S E N A T E January 10, 2022 ___________ 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 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
2021-S7744A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9128
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4223, Ins L
2021-S7744A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7744A SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to authorizing dividend paying deferred income annuities SUMMARY OF PROVISIONS:: Section 1. Subparagraph (E) of paragraph (1) of subsection (a) of section 4223 of the insurance law is amended to establish a betterment of rates requirement that better reflects the structure of paid-up deferred annuities, including those that pay dividends. Section 2. A new paragraph (3) is added to subsection (b) of section 3209 of the insurance law to require certain disclosure related to the non-guaranteed nature of dividends. Section 3. Effective Date JUSTIFICATION:
2021-S7744A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7744--A Cal. No. 662 I N S E N A T E January 10, 2022 ___________ Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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