NY A02199

Amends Insurance Law section 4223 to clarify annuity benefit requirements for paid-up deferred annuity contracts where each payment guarantees specific paid-up benefits at the time of payment.

Requires statements that annuity benefits will not be less than those from applying the payment amount to current purchase rates for comparable paid-up deferred annuity contracts offered by the company to the same class of annuitants.

Specifies that dividends applied to purchase paid-up additions to such contracts shall be treated as consideration paid into the contract for purposes of benefit calculations.

Clarifies that these statements do not affect the amount of benefits required under any other provision of Insurance Law section 4223.

Takes effect on the same date as the 2022 law authorizing dividend-paying deferred income annuities (S. 7744-A and A. 9128-A).