|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 16, 2022||referred to insurance|
delivered to assembly
|Apr 27, 2022||advanced to third reading|
|Apr 26, 2022||2nd report cal.|
|Apr 25, 2022||1st report cal.767|
|Jan 25, 2022||referred to insurance|
senate Bill S8134
Current Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8134 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1110, Ins L
S8134 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8134 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to certain charitable annuities PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to allow charities to use a single table of unisex rates and a simpler calculation for maximum allowable rates under New York statute SUMMARY OF SPECIFIC PROVISIONS: § 1 amends section 1110 of article 11 of the insurance law to institute unisex annuity rates and to establish a simplified calculation regard- ing, the maximum allowable rates. § 2 establishes the effective date.
S8134 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8134 I N S E N A T E January 25, 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 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 JULY FIRST OF THE SAME YEAR AND THE TEN YEAR TREASURY BOND YIELD PLUS TWO PERCENT AS OF OCTOBER THIRTY-FIRST, ROUNDED TO THE NEAREST 0.25%, SHALL BE USED TO CALCULATE THE MAXIMUM ANNUITY RATES TO BECOME EFFECTIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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