senate Bill S811

Signed By Governor
2023-2024 Legislative Session

Relates to annuity benefits

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2023 signed chap.69
delivered to governor
Feb 01, 2023 returned to senate
passed assembly
ordered to third reading rules cal.69
substituted for a2199
Jan 17, 2023 referred to insurance
delivered to assembly
passed senate
Jan 09, 2023 ordered to third reading cal.20
Jan 06, 2023 referred to rules

S811 (ACTIVE) - Details

See Assembly Version of this Bill:
Law Section:
Insurance Law
Laws Affected:
Amd §4223, Ins L (as proposed in S.7744-A & A.9128-A)

S811 (ACTIVE) - Summary

Relates to dividend benefits regarding deferred income annuities.

S811 (ACTIVE) - Sponsor Memo

S811 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2023-2024 Regular Sessions
                             I N  S E N A T E
                              January 6, 2023
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 AN ACT to amend the insurance law, in relation to annuity benefits

   Section  1.  Subparagraph  (E)  of  paragraph  1  of subsection (a) of
 section 4223 of the insurance law, as amended by a chapter of  the  laws
 of  2022  amending  the  insurance  law relating to authorizing dividend
 paying deferred income  annuities,  as  proposed  in  legislative  bills
 numbers S.  7744-A and A. 9128-A, is amended to read as follows:
   (E) (i) Except as provided in [clause] ITEM (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.
   (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
                       [ ] is old law to be omitted.
 S. 811                              2


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