Bill Text: NY S03503 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to expanding the authority to issue group annuity contracts.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INSURANCE [S03503 Detail]

Download: New_York-2019-S03503-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3503
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 8, 2019
                                       ___________
        Introduced  by  Sens. BRESLIN, SEWARD -- 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.
                                                                   LBD00082-01-9