NY A01761

Requires insurers issuing group annuity contracts for pension de-risking transactions to disclose to retirees that their benefits are no longer protected under ERISA and the Pension Benefit Guaranty Corporation (PBGC)

Mandates insurers provide retirees with contact information for the New York Life and Health Insurance Guaranty Association and annual disclosures including funding levels, investment performance, expenses, and changes in actuarial assumptions

Prohibits transfer of group annuity contracts to another insurer without superintendent confirmation that the assuming insurer maintains 400% of company action level risk-based capital with no negative trend

Exempts proceeds from pension de-risking annuity contracts from creditor claims and money judgments, classifying them as "statutorily exempt payments" under civil practice law

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