N.Y. Insurance Law 4513 – Annuity certificates; compliance with rules and regulations
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§ 4513. Annuity certificates; compliance with rules and regulations. No certificate or other evidence of any annuity contract and no application or rider or endorsement for use in connection therewith, shall be delivered or issued for delivery in this state unless it conforms with reasonable rules and regulations prescribed by the superintendent. Pursuant to the foregoing the superintendent shall have power, from time to time to make, alter and supersede reasonable rules and regulations prescribing the required, optional and prohibited provisions in such contracts, and such rules and regulations shall conform, as far as practicable with the provisions of section three thousand two hundred nineteen of this chapter.
Terms Used In N.Y. Insurance Law 4513
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.