NY S06666

Modifies the interest rate calculation for "net level whole life annual premium" from the higher of 4% or the policy-specified rate to the lesser of 4% and the nonforfeiture interest rate per annum specified in Insurance Law section 4221(k)(10).

Changes the interest rate basis for computing guaranteed paid-up life insurance from a minimum of 4% to the lesser of 4% and the nonforfeiture interest rate per annum minus one percent.

Applies to standard nonforfeiture provisions within the life insurance law and takes effect immediately upon enactment.