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 |
May 22, 2023 |
referred to insurance returned to assembly repassed senate |
May 16, 2023 |
amended on third reading 2683a |
May 16, 2023 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
Feb 27, 2023 |
referred to insurance delivered to assembly passed senate |
Feb 15, 2023 |
advanced to third reading |
Feb 14, 2023 |
2nd report cal. |
Feb 13, 2023 |
1st report cal.347 |
Jan 24, 2023 |
referred to insurance |
Senate Bill S2683A
Signed By Governor2023-2024 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Current Bill Status - 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-S2683 - Details
2023-S2683 - Sponsor Memo
BILL NUMBER: S2683 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.
2023-S2683 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2683 2023-2024 Regular Sessions I N S E N A T E January 24, 2023 ___________ 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07365-01-3
2023-S2683A (ACTIVE) - Details
2023-S2683A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2683A 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.
2023-S2683A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2683--A Cal. No. 347 2023-2024 Regular Sessions I N S E N A T E January 24, 2023 ___________ 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, passed by Senate and delivered to the Assembly, recalled, vote reconsidered, restored to 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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