assembly Bill A2199

Signed By Governor
2023-2024 Legislative Session

Relates to annuity benefits

download bill text pdf

Sponsored By

Current Bill Status Via S811 - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (12)
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
Feb 01, 2023 substituted by s811
Jan 31, 2023 ordered to third reading rules cal.69
rules report cal.69
reported
reported referred to rules
Jan 23, 2023 referred to insurance

A2199 (ACTIVE) - Details

See Senate Version of this Bill:
S811
Law Section:
Insurance Law
Laws Affected:
Amd §4223, Ins L (as proposed in S.7744-A & A.9128-A)

A2199 (ACTIVE) - Summary

Relates to dividend benefits regarding deferred income annuities.

A2199 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2199
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by M. of A. STERN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to annuity benefits
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   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.
                                                            LBD04041-01-3
 A. 2199                             2