Bill Text: NY A00561 | 2019-2020 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to insurance [A00561 Detail]

Download: New_York-2019-A00561-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           561
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced by M. of A. CAHILL -- read once and referred 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