Bill Text: NY S02793 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to expanding the authority to issue group annuity contracts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO INSURANCE [S02793 Detail]
Download: New_York-2023-S02793-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2793 2023-2024 Regular Sessions IN SENATE January 24, 2023 ___________ Introduced by Sen. BRESLIN -- 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. LBD06682-01-3
