New York S05315 lowers the minimum nonforfeiture interest rate for annuities.
New York S05315 amends the insurance law to reduce the minimum nonforfeiture interest rate for annuities. The bill lowers the rate from one percent to one half of one percent for annuities during the surrender charge period, and from one percent to fifteen hundredths of one percent during any contract period with no surrender charge. The minimum annual effective rate of interest at issue must be specified in the contract, and the basis and calculation for setting this rate must be filed with the superintendent. The act takes effect immediately.
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