Loading chat...

NY A07700

Bill

Official Source

Status

Introduced

5/20/2021

Primary Sponsor

Pamela Hunter

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends Insurance Law Section 4223 to reduce the minimum guaranteed interest rate for annuities with premium charges from one percent to one half of one percent during any contract period with a surrender charge
  • Establishes a minimum guaranteed interest rate of fifteen hundredths of one percent (0.15%) for annuities during any contract period with no surrender charge
  • Requires the minimum annual effective rate of interest to be specified in the contract and filed with the superintendent
  • Takes effect immediately upon enactment

Legislative Description

Reduces the minimum nonforfeiture interest rate for annuities from one percent to one half of one percent for annuities during the surrender charge period, and from one percent to fifteen hundredths of one percent during any contract period with no surrender charge.

Last Action

referred to insurance

1/5/2022

Committee Referrals

Insurance5/20/2021

Full Bill Text

No bill text available