N.Y. Insurance Law 4528 – New business limitations
§ 4528. New business limitations. Every authorized society shall limit the issuance of new life insurance certificates and new annuity contracts in accordance with requirements for new life insurance policies and new annuity contracts under section four thousand two hundred twenty-seven of this chapter, except that:
Terms Used In N.Y. Insurance Law 4528
- 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.
(a) No such limitations shall apply to new life insurance certificates or new annuity contracts issued by the society before January first, nineteen hundred ninety-eight; and
(b) Limitations equal to one hundred fifty percent of the limitations established in section four thousand two hundred twenty-seven of this chapter shall apply to new life insurance certificates and new annuity contracts issued by the society after January first, nineteen hundred ninety-eight but before January first, two thousand; and
(c) The limitations established in section four thousand two hundred twenty-seven of this chapter shall fully apply to all new life insurance certificates and all new annuity contracts issued by the society on or after January first, two thousand.