New York S 5307: Relates to expanding the authority to issue group annuity contracts

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S05307 Summary:

BILL NOS05307 

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SAME ASNo Same As

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Amd §4238, Ins L

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Relates to expanding the authority to issue group annuity contracts.

Go to top S05307 Actions:

BILL NOS05307 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05307 Committee&nbspVotes:

Go to topS05307 Floor&nbspVotes:

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

Go to topS05307 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5307

 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 permissible group
 annuity contracts

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

 1 Section 1. Subsection (b) of section 4238 of the insurance law is
 2 amended by adding a new paragraph 12 to read as follows:
 3 (12) A contract issued to an insurer on behalf of such insurer's sepa-
 4 rate account, established:
 5 (A) to hold the assets relating to, and to fund obligations under life
 6 insurance policies issued by, such insurer to banks or corporations; or
 7 (B) for the benefits of:
 8 (i) any employee pension or welfare benefit plan that is covered by
 9 the Employee Retirement and Income Security Act (ERISA); or
 10 (ii) a plan described in Internal Revenue Code Sections 401(a),
 11 401(k), 403(b), 408(k) or 408(p); or
 12 (iii) a government or church plan defined in 26 U.S.C. § 414, a
 13 government or church welfare benefit plan, or a deferred compensation
 14 plan of a state or local government or tax exempt organization under 26
 15 U.S.C. § 457; or
 16 (iv) a nonqualified deferred compensation arrangement established or
 17 maintained by an employer or plan sponsor; or
 18 (v) any other group approved by the superintendent upon a finding
 19 that: (I) there is a common enterprise or economic or social affinity or
 20 relationship; (II) the premiums charged are reasonable in relation to
 21 the benefits provided; and (III) the issuance of the policy would result
 22 in economies of acquisition or administration, would be actuarially
 23 sound, and would not be contrary to the best interest of the public. The
 24 superintendent shall promulgate regulations setting forth any such
 25 groups that have been qualified pursuant to this item.
 26 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09388-01-5

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