NY A07150

Requires insurers issuing group annuity contracts in pension de-risking transactions to provide retirees with four specific disclosures: confirmation that annuity payments are exempt from creditors' claims, notice that ERISA and PBGC protections no longer apply, contact information for the New York Life and Health Insurance Guaranty Association, and mandatory annual financial and performance disclosures.

Prohibits further transfer or assumption of pension de-risking annuity contracts by another insurer without the superintendent's confirmation that the assuming insurer meets a financial strength standard of 400% of company action level risk-based capital with no negative trend.

Exempts annuity proceeds from pension de-risking transactions from application toward satisfaction of money judgments under New York civil practice law.

Applies to allocated and unallocated group annuity contracts issued to employers or employee defined pension benefit plans with two or more employees, but excludes state and political subdivisions.

Takes effect 120 days after becoming law and applies to all policies and contracts issued, renewed, modified, altered, or amended on or after that date.