Relates to expanding the authority to issue group annuity contracts.
Summary
Bill S05307 amends the New York insurance law to expand the permissible group annuity contracts that insurers can issue. Specifically, it allows contracts to be issued on behalf of an insurer's separate account, which can hold assets for life insurance policies issued to banks or corporations. It also includes provisions for employee pension or welfare benefit plans covered by ERISA and various types of retirement plans as defined by the Internal Revenue Code. The bill aims to facilitate the issuance of group annuity contracts that meet specific criteria set by the superintendent of insurance, promoting economic efficiency and public interest.
Impact
The bill's passage would modify existing insurance laws in New York, allowing for a broader range of group annuity contracts. This change could potentially benefit employers and employees by providing more options for retirement and welfare benefit plans. It may also lead to increased competition among insurers, as they can offer more tailored products to meet the needs of various groups, thereby impacting the insurance market dynamics in the state.
Sentiment
The sentiment surrounding Bill S05307 appears to be neutral, as there have been no recorded votes or significant public opposition or support expressed in committee discussions. The lack of controversy suggests that stakeholders may view the bill as a technical adjustment rather than a contentious issue.
Contention
There are currently no notable points of contention regarding Bill S05307, as it has not faced any opposition in committee discussions or voting. The bill seems to be largely uncontroversial, focusing on regulatory adjustments rather than introducing significant changes to existing policies or practices.
A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.(See HF 2184.)
A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.(See SF 2215.)
A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities.(Formerly HSB 525.)
Exempting contingent deferred annuities from certain requirements of the standard nonforfeiture law for individual deferred annuities act and authorizing the commissioner of insurance to establish nonforfeiture benefits for such contingent deferred annuities through rules and regulations.
A bill for an act relating to the applicability of the standard nonforfeiture law for individual deferred annuities to contingent deferred annuities. (Formerly SSB 3064.) Effective date: 07/01/2026.