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NY S08134
Bill
Status
5/16/2022
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Amends Insurance Law Section 1110 to permit charitable annuities to use unisex mortality rates rather than sex-specific rates.
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Requires maximum annuity rates be calculated using currently applicable mortality tables for individual annuities under Insurance Law Section 4217, replacing the previous standard adopted by each organization.
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Establishes that ten-year Treasury bond yield plus 2 percent, rounded to the nearest 0.25%, shall be used to calculate maximum annuity rates effective July 1 and January 1 annually.
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Prohibits any factors other than the specified Treasury bond yield and mortality tables from being used in calculating maximum annuity rates.
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Takes effect 90 days after becoming law, with regulatory amendments authorized for implementation by that date.
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
5/16/2022