New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

A07152 Summary:

A07152 Actions:

A07152 Committee Votes:

Committee:INSURANCE   Chair:Cahill      
DATE:05/23/2017AYE/NAY:21/0  Action: Favorable         
Cahill
Aye
Barclay
Aye
Cook
Aye
Butler
Aye
Pretlow
Aye
Hawley
Aye
Rivera
Excused
Blankenbush
Aye
Peoples-Stokes
Aye
Curran
Aye
Cymbrowitz
Aye
Walter
Aye
Lavine
Aye
Garbarino
Aye
Moya
Aye
Hevesi
Excused
Skoufis
Aye
Steck
Excused
Crespo
Aye
Joyner
Aye
Dilan
Excused
Hunter
Aye
Simotas
Aye
Walker
Aye
Niou
Aye

A07152 Floor Votes:

A07152 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7152--A
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 10, 2017
                                       ___________
 
        Introduced  by  M. of A. OTIS, McDONALD -- read once and referred to the
          Committee on Insurance -- committee discharged, bill amended,  ordered
          reprinted as amended and recommitted to said committee
 
        AN ACT to amend the insurance law, in relation to annuity dividend rein-
          vestment

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 6 of subsection (b) of section 4231 of the insur-
     2  ance law is amended to read as follows:
     3    (6) In the case of any individual term policy and of every  individual
     4  participating  annuity,  other  than  an  annuity described in paragraph
     5  eight of this subsection, or pure endowment contract, the  dividends  so
     6  apportioned  shall  be applicable, at the election of the holder of such
     7  policy or contract, in accordance with the options specified in subpara-
     8  graph (A) or (B) of paragraph one [hereof] of this subsection or if  the
     9  policy or contract so provides, subparagraph (D) of paragraph one [here-
    10  of]  of this subsection.  In the case of any such term policy or annuity
    11  or pure endowment contract, the requirement as  to  notice  of  election
    12  hereinbefore  specified  shall be applicable, but the option which shall
    13  be applied in case the holder  of  such  contract  fails  to  make  such
    14  election  shall  be  determined  by the company with the approval of the
    15  superintendent.
    16    § 2. Paragraph 7 of subsection (b) of section 4231  of  the  insurance
    17  law is amended to read as follows:
    18    (7) In the case of any participating group policy of life insurance or
    19  any  participating group or blanket policy of accident and health insur-
    20  ance, or of any participating group  annuity  contract,  other  than  an
    21  annuity described in paragraph eight of this subsection, the dividend so
    22  apportioned  shall,  at  the option of the policyholder or holder of the
    23  master contract, be applied pursuant to subparagraph (A) or (B) of para-
    24  graph one [hereof] of this subsection. Any dividend  so  apportioned  on
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06792-07-7
        A. 7152--A                          2
 
     1  any  such  participating  group  insurance policy, or any rate reduction
     2  made or continued on any non-participating group  insurance  policy  for
     3  the  first  or  any  subsequent  year of insurance under any such policy
     4  issued  to  an employer, may be applied to reduce the employer's part of
     5  the cost of such policy, except that the excess, if any, of the  employ-
     6  ees'  aggregate  contribution  under the policy over the net cost of the
     7  insurance shall be applied by the employer for the sole benefit  of  the
     8  employees.
     9    § 3. Subsection (b) of section 4231 of the insurance law is amended by
    10  adding a new paragraph 8 to read as follows:
    11    (8)  In  the  case  of any individual or group participating immediate
    12  annuity and of any individual or group participating deferred annuity in
    13  which each consideration paid  into  the  annuity  purchases  guaranteed
    14  paid-up  annuity  benefits  determined  at the time the consideration is
    15  paid, the dividend so apportioned shall be applicable, at  the  election
    16  of  the  holder  of  the  individual  contract  or group certificate, in
    17  accordance with the options specified in subparagraph (A), (B) or (C) of
    18  paragraph one of this subsection or if the contract  or  certificate  so
    19  provides, subparagraph (D) of paragraph one of this subsection.
    20    § 4. This act shall take effect immediately.