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NY A00694
Bill
Status
Introduced
1/11/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
- Amends Insurance Law Section 4223 to lower the minimum guaranteed interest rate for annuities from one percent to one half of one percent for contracts with premium charges and contracts without premium charges during any contract period with a surrender charge
- Establishes a minimum guaranteed interest rate of fifteen hundredths of one percent (0.15%) during any contract period with no surrender charge
- Requires the minimum annual effective rate of interest at issue to be specified in the contract and filed with the superintendent
- Allows contracts to provide for redetermination of the minimum annual effective rate of interest, with the redetermination date, basis, calculation, and period stated in the contract
- 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
1/3/2024
Committee Referrals
Insurance1/11/2023
Full Bill Text
No bill text available