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NY A08164
Bill
Status
7/7/2021
Primary Sponsor
Kevin Cahill
Click for details
AI Summary
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Amends Insurance Law Section 1110 to allow charitable annuities issued by non-profit organizations to use unisex mortality rates instead of organization-specific standards.
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Requires maximum annuity rates to be calculated using currently applicable mortality tables for individual annuities under Insurance Law Section 4217.
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Establishes that the ten-year Treasury bond yield plus 2% as of April 30 (rounded to nearest 0.25%) determines maximum annuity rates effective July 1, and the ten-year Treasury bond yield plus 2% as of October 31 determines rates effective January 1.
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Specifies that no other factors may be used to calculate maximum annuity rates for these charitable annuities.
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Takes effect 90 days after enactment, with immediate authorization for regulatory amendments needed for implementation.
Legislative Description
Provides that certain charitable annuities may be unisex in nature and shall be computed on the basis of currently applicable mortality tables for calculating the reserves for individual annuities; makes related provisions.
Last Action
referred to insurance
1/5/2022