Bill Text: NY S08134 | 2021-2022 | General Assembly | Introduced
Bill Title: Provides that certain charitable annuities may be unisex in nature and shall be computed on the basis of currently applicable mortality tables for calculating the reserves for individual annuities; makes related provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2022-05-16 - referred to insurance [S08134 Detail]
Download: New_York-2021-S08134-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8134 IN SENATE January 25, 2022 ___________ 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 certain charitable annuities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (a) of section 1110 of the insurance law, as 2 amended by chapter 199 of the laws of 2004, is amended to read as 3 follows: 4 (a) The superintendent may, in his or her discretion, issue a special 5 permit to make annuity agreements with donors to any duly organized 6 domestic or foreign non-stock corporation or association conducted with- 7 out profit and engaged in active operation for at least ten years prior 8 thereto solely in bona fide charitable, religious, missionary, educa- 9 tional or philanthropic activities. The permit shall authorize such 10 corporation or association to receive gifts of cash and other property 11 conditioned upon, or in return for, its agreement to pay an annuity to 12 the donor, or his or her nominee, and to make and carry out such annuity 13 agreement. Every such corporation or association shall, before making 14 such agreement, file with the superintendent copies of its forms of 15 agreements with annuitants and a schedule of its maximum annuity rates, 16 which shall be computed [on the basis of the annuity standard adopted by17it for calculating its reserves] so as to return to it upon the 18 annuitant's death a residue at least equal to one-half the original gift 19 or other consideration for such annuity. The maximum annuity rates may 20 be unisex in nature and shall be computed on the basis of currently 21 applicable mortality tables for calculating the reserves for individual 22 annuities pursuant to section four thousand two hundred seventeen of 23 this chapter. The yield of the ten year treasury bond yield plus two 24 percent as of April thirtieth, rounded to the nearest 0.25%, shall be 25 used to calculate the maximum annuity rates to become effective as of 26 July first of the same year and the ten year treasury bond yield plus 27 two percent as of October thirty-first, rounded to the nearest 0.25%, 28 shall be used to calculate the maximum annuity rates to become effective EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11811-01-1S. 8134 2 1 as of January first of the following year. No other factors shall be 2 used to calculate the maximum annuity rates. 3 § 2. This act shall take effect on the ninetieth day after it shall 4 have become a law. Effective immediately, the addition, amendment 5 and/or repeal of any rule or regulation necessary for the implementation 6 of this act on its effective date are authorized to be made and 7 completed on or before such effective date.
