Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 20, 2023 |
referred to insurance delivered to assembly passed senate |
Mar 16, 2023 |
advanced to third reading |
Mar 15, 2023 |
2nd report cal. |
Mar 13, 2023 |
1st report cal.477 |
Jan 31, 2023 |
referred to insurance |
Senate Bill S3403
2023-2024 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Current Bill Status - In Assembly Committee
- 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
2023-S3403 (ACTIVE) - Details
2023-S3403 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3403 SPONSOR: BRESLIN TITLE OF BILL: An act to amend the insurance law, in relation to modifying the interest rate within the standard nonforfeiture law for annuities PURPOSE: To ensure the flexibility and availability of innovative annuity options for consumers by addressing problems associated with the sustained low interest rate environment and the nonforfeiture provisions of the insur- ance law. SUMMARY OF PROVISIONS: Section 1. Item (iii) of subparagraph (F) of paragraph (2) of subsection (c) of section 4223 of the insurance law to reduce the minimum nonforfeiture interest rate ("statutory floor") for annuities from one percent to .5 percent for annuities with premium charges and for annui- ties during the surrender charge period, and to reduce from one to .15
2023-S3403 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3403 2023-2024 Regular Sessions I N S E N A T E January 31, 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 modifying the interest rate within the standard nonforfeiture law for annuities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Item (iii) of subparagraph (F) of paragraph 2 of subsection (c) of section 4223 of the insurance law, as amended by chapter 170 of the laws of 2008, is amended to read as follows: (iii) where the resulting minimum guaranteed interest rate is not less than ONE HALF OF one percent FOR ANY CONTRACT WITH A PREMIUM CHARGE AND FOR CONTRACTS WITHOUT PREMIUM CHARGES DURING ANY CONTRACT PERIOD WITH A SURRENDER CHARGE, AND NOT LESS THAN FIFTEEN HUNDREDTHS OF ONE PERCENT DURING ANY CONTRACT PERIOD WITH NO SURRENDER CHARGE. The minimum annual effective rate of interest at issue shall be specified in the contract. The basis and calculation for setting the minimum annual effective rate of interest at issue of a contract shall be filed with the superinten- dent. If the contract provides that the minimum annual effective rate of interest may be redetermined, the redetermination date, basis, calcu- lation and period shall be stated in the contract. The basis is the date or average over a specified period that produces the values of the five- year constant maturity treasury rate to be used at each redetermination date or at issue. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03375-01-3
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