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NY S06667
Bill
Status
6/2/2021
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Modifies the minimum guaranteed interest rate for annuities under Insurance Law Section 4223 from one percent to one half of one percent for contracts with a premium charge and contracts without premium charges during any contract period with a surrender charge.
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Reduces the minimum guaranteed interest rate to fifteen hundredths of one percent (0.15%) during any contract period with no surrender charge.
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Requires the minimum annual effective rate of interest at issue to be specified in the contract and filed with the superintendent.
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Allows contracts to provide for redetermination of the minimum annual effective rate of interest, with redetermination dates, basis, calculation, and period to be stated in the contract.
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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
2/7/2022