Bill > S05307

This bill expands the types of group annuity contracts that insurers can issue by adding a new paragraph to existing insurance law. Specifically, the bill allows insurers to issue contracts to their separate accounts for various types of employee benefit and retirement plans, including those covered by the Employee Retirement and Income Security Act (ERISA), qualified retirement plans under specific Internal Revenue Code sections (such as 401(a), 401(k), and 403(b)), government and church plans, and nonqualified deferred compensation arrangements. The bill also provides the superintendent of insurance with the authority to approve additional group annuity contracts if they meet certain criteria, such as demonstrating a common enterprise or relationship, charging reasonable premiums, and providing economic benefits. The new provision aims to give insurers more flexibility in offering group annuity contracts while ensuring that such contracts serve the public interest and are financially sound. The act will take effect immediately upon passage.

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https://www.nysenate.gov/legislation/bills/2025/S5307