Bill > S00811

This bill amends the insurance law to modify the requirements for annuity benefits related to deferred income annuities. Specifically, it changes the language regarding the statement that must be provided about the minimum annuity benefits at the time of commencement, including for paid-up deferred annuity contracts where each consideration paid purchases guaranteed paid-up annuity benefits. The bill aligns the effective date with a related law that authorizes dividend-paying deferred income annuities.