Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 25, 2023 |
signed chap.584 |
Oct 13, 2023 |
delivered to governor |
Jun 08, 2023 |
returned to senate passed assembly ordered to third reading rules cal.692 substituted for a4599a |
Jun 08, 2023 |
substituted by s2683a rules report cal.692 reported |
May 17, 2023 |
reported referred to rules |
May 12, 2023 |
print number 4599a |
May 12, 2023 |
amend and recommit to insurance |
Feb 17, 2023 |
referred to insurance |
Assembly Bill A4599A
Signed By Governor2023-2024 Legislative Session
Sponsored By
WEPRIN
Current Bill Status Via S2683 - Signed by Governor
- 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
2023-A4599 - Details
2023-A4599 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4599 2023-2024 Regular Sessions I N A S S E M B L Y February 17, 2023 ___________ Introduced by M. of A. WEPRIN -- 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. LBD07365-01-3
2023-A4599A (ACTIVE) - Details
2023-A4599A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4599--A 2023-2024 Regular Sessions I N A S S E M B L Y February 17, 2023 ___________ Introduced by M. of A. WEPRIN -- 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 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 PLUS TWO PERCENT AS OF APRIL THIRTIETH, ROUNDED TO THE NEAREST 0.25%, SHALL BE USED TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07365-02-3
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.