| 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 |
assembly Bill A2199
Signed By Governor2023-2024 Legislative Session
Sponsored By
STERN
Current Bill Status Via S811 - Signed by Governor
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
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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) - 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