Loading chat...
NY S03403
Bill
Status
Engrossed
3/20/2023
Primary Sponsor
Neil Breslin
Click for details
AI Summary
- Modifies the standard nonforfeiture law for annuities under New York Insurance Law Section 4223
- Reduces the minimum guaranteed interest rate from 1% to 0.5% for contracts with premium charges and contracts without premium charges during any contract period with a surrender charge
- Reduces the minimum guaranteed interest rate to 0.15% during any contract period with no surrender charge
- Requires the minimum annual effective rate of interest to be specified in the contract and filed with the superintendent
- 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
Insurance1/3/2024
Insurance3/20/2023
Insurance1/31/2023
Full Bill Text
No bill text available