NY A07699

Amends the definition of "net level whole life annual premium at issue" to require an interest rate not less than the lesser of four percent and the nonforfeiture interest rate per annum, replacing the previous "higher of four percent or that" language.

Modifies the interest rate calculation for paid-up life insurance options to use the lesser of four percent and the nonforfeiture interest rate per annum minus one percent, instead of the previous minimum of four percent.

Applies these interest rate modifications to life insurance policies governed by the standard nonforfeiture law under Insurance Law Section 4221.

Takes effect immediately upon enactment.