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.
STATE OF NEW YORK
________________________________________________________________________
2683--A
Cal. No. 347
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 -- reported
favorably from said committee, ordered to first and second report,
ordered to a third reading, passed by Senate and delivered to the
Assembly, recalled, vote reconsidered, restored to third reading,
amended and ordered reprinted, retaining its place in the order of
third reading
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 by
17 it 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07365-04-3
S. 2683--A 2
1 applicable mortality tables for calculating the reserves for individual
2 annuities pursuant to section four thousand two hundred seventeen of
3 this chapter. The yield of the ten year treasury bond plus two percent
4 as of April thirtieth, rounded to the nearest 0.25%, shall be used to
5 calculate the maximum annuity rates to become effective as of July first
6 of the same year and the ten year treasury bond yield plus two percent
7 as of October thirty-first, rounded to the nearest 0.25%, shall be used
8 to calculate the maximum annuity rates to become effective as of January
9 first of the following year. No other factors shall be used to calculate
10 the maximum annuity rates.
11 § 2. This act shall take effect on the ninetieth day after it shall
12 have become a law. Effective immediately, the addition, amendment
13 and/or repeal of any rule or regulation necessary for the implementation
14 of this act on its effective date are authorized to be made and
15 completed on or before such effective date.
