New York S 5315: Modifies the interest rate within the standard nonforfeiture law for annuities

Bill Text

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S05315 Summary:

BILL NOS05315 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBAILEY

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COSPNSR

&nbsp

MLTSPNSR

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Amd §4223, Ins L

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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.

Go to top S05315 Actions:

BILL NOS05315 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05315 Committee&nbspVotes:

Go to topS05315 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05315 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5315

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to modifying the interest
 rate within the standard nonforfeiture law for annuities

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Item (iii) of subparagraph (F) of paragraph 2 of subsection
 2 (c) of section 4223 of the insurance law, as amended by chapter 170 of
 3 the laws of 2008, is amended to read as follows:
 4 (iii) where the resulting minimum guaranteed interest rate is not less
 5 than one half of one percent for any contract with a premium charge and
 6 for contracts without premium charges during any contract period with a
 7 surrender charge, and not less than fifteen hundredths of one percent
 8 during any contract period with no surrender charge. The minimum annual
 9 effective rate of interest at issue shall be specified in the contract.
 10 The basis and calculation for setting the minimum annual effective rate
 11 of interest at issue of a contract shall be filed with the superinten-
 12 dent. If the contract provides that the minimum annual effective rate of
 13 interest may be redetermined, the redetermination date, basis, calcu-
 14 lation and period shall be stated in the contract. The basis is the date
 15 or average over a specified period that produces the values of the five-
 16 year constant maturity treasury rate to be used at each redetermination
 17 date or at issue.
 18 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05801-01-5

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