New York S05307 expands the authority to issue group annuity contracts.
New York S05307 amends the insurance law to expand the authority to issue group annuity contracts. It adds a new paragraph to section 4238, allowing contracts for separate accounts of insurers, employee pension or welfare benefit plans, government or church plans, and nonqualified deferred compensation arrangements. The superintendent will regulate these groups, ensuring they meet criteria like common enterprise, reasonable premiums, and actuarial soundness. This act takes effect immediately.
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