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S. 2071-A(Seward)/A. 8343-A(Sweeney)

Equity Index Accounts; Annuities

Summary:  The bill amends the standard nonforfeiture law for annuities to allow for an alternative approach to determining minimum values for paid-up annuity, cash surrender, and death benefits in equity indexed annuity contracts.  The bill also makes technical amendments to the nonforfeiture law, and adds disclosure requirements to Insurance Law § 3209 for equity indexed annuity contracts.  Specifically:

Effective Date:  The bill is effective ninety days after it becomes law, and authorizes the Superintendent to promulgate rules and regulations necessary for implementation.

Last Action: Approved and signed by the Governor on July 7, 2008 (Chapter 170 of the Laws of 2008).

Department of Financial Services

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