NY S00811

Amends Insurance Law section 4223 to clarify language regarding annuity benefit statements, changing "clause" to "item" for technical consistency.

Requires insurers to guarantee that paid-up deferred annuity benefits at commencement will not be less than those purchasable with a single immediate annuity contract using specified valuation amounts.

For paid-up deferred annuity contracts where each payment purchases guaranteed benefits, insurers must state benefits will not be less than those from current purchase rates for comparable contracts offered to the same annuitant class.

Specifies that dividends applied to purchase paid-up additions to contracts are treated as considerations paid into the contract for valuation purposes.

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