What's happening
This bill expands permissible group annuity contracts in New York to include additional plans, groups, and arrangements, subject to regulatory approval.
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Expand Group Annuity Options
Plain English, a few words. Used as the page title.
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History
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Expand Group Annuity Authority
In Senate Committee · Insurance · Sponsor James L. Seward
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
28
2017-2018 Regular Sessions
IN ASSEMBLY (Prefiled)
January 4, 2017
Introduced by M. of A. CAHILL -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to permissible group annuity contracts
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subsection (b) of section 4238 of the insurance law is amended by adding a new paragraph 12 to read as follows:
(12) A contract issued to an insurer on behalf of such insurer's separate account, established:
(A) to hold the assets relating to, and to fund obligations under life insurance policies issued by, such insurer to banks or corporations; or
(B) for the benefits of:
(i) any employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA); or
(ii) a plan described in Internal Revenue Code Sections 401(a), 401(k), 403(b), 408(k) or 408(p); or
(iii) a government or church plan defined in 26 U.S.C. § 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under 26 U.S.C. § 457; or
(iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; or
(v) any other group approved by the superintendent upon a finding that: (I) there is a common enterprise or economic or social affinity or relationship; (II) the premiums charged are reasonable in relation to the benefits provided; and (III) the issuance of the policy would result in economies of acquisition or administration, would be actuarially sound, and would not be contrary to the best interest of the public. The superintendent shall promulgate regulations setting forth any such groups that have been qualified pursuant to this item.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01656-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.