Bill > A02199

This bill amends the Insurance Law to modify the requirements for disclosures related to annuity benefits for deferred income annuity contracts. Specifically, it clarifies the language required for statements about annuity benefits being no less than what could be purchased through a single consideration immediate annuity offered by the same company. The bill also adds a provision addressing how this disclosure requirement applies to paid-up deferred annuity contracts where each consideration purchases guaranteed paid-up annuity benefits. The bill takes effect on the same date as a previously enacted law authorizing dividend-paying deferred income annuities.