Senate BillIntroduced
S 5307: Relates to expanding the authority to issue group annuity contracts.
What S 5307 does, verified January 8, 2026
The bill aims to expand permissible group annuity contracts in New York. A new paragraph is added to the Insurance Law to allow for contracts issued to separate accounts held by insurers for various purposes, including: * Funding life insurance policies * Employee pension and welfare benefit plans covered by ERISA * Retirement plans, such as 401(k) and 403(b) * Government and church plans * Nonqualified deferred compensation arrangements The superintendent will promulgate regulations to qualify specific groups under this new provision. The bill takes effect immediately.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REFERRED TO INSURANCE (2026-01-07)Alert me
Quick answers about S 5307
- What is the current status of S 5307?
- As of January 8, 2026, S 5307 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on January 7, 2026, was "REFERRED TO INSURANCE".
- Did S 5307 pass?
- Not yet. S 5307 has been introduced and has not passed either house.
- Who wrote S 5307, and where is it now?
- S 5307 was authored by Sen. Jamaal Bailey. Its committee of record is Senate Insurance.
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions2 total · showing 2
| Jan. 07, 2026 | REFERRED TO INSURANCE |
| Feb. 20, 2025 | REFERRED TO INSURANCE |
Latest bill textIntroduced version, February 20, 2025 · 378 words
STATE OF NEW YORK ________________________________________________________________________ 5307 2025-2026 Regular Sessions IN SENATE February 20, 2025 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to permissible group annuity contracts The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (b) of section 4238 of the insurance law is 2 amended by adding a new paragraph 12 to read as follows: 3 (12) A contract issued to an insurer on behalf of such insurer's sepa- 4 rate account, established: 5 (A) to hold the assets relating to, and to fund obligations under life 6 insurance policies issued by, such insurer to banks or corporations; or 7 (B) for the benefits of: 8 (i) any employee pension or welfare benefit plan that is covered by 9 the Employee Retirement and Income Security Act (ERISA); or 10 (ii) a plan described in Internal Revenue Code Sections 401(a), 11 401(k), 403(b), 408(k) or 408(p); or 12 (iii) a government or church plan defined in 26 U.S.C. § 414, a 13 government or church welfare benefit plan, or a deferred compensation 14 plan of a state or local government or tax exempt organization under 26 15 U.S.C. § 457; or 16 (iv) a nonqualified deferred compensation arrangement established or 17 maintained by an employer or plan sponsor; or 18 (v) any other group approved by the superintendent upon a finding 19 that: (I) there is a common enterprise or economic or social affinity or 20 relationship; (II) the premiums charged are reasonable in relation to 21 the benefits provided; and (III) the issuance of the policy would result 22 in economies of acquisition or administration, would be actuarially 23 sound, and would not be contrary to the best interest of the public. The 24 superintendent shall promulgate regulations setting forth any such 25 groups that have been qualified pursuant to this item. 26 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09388-01-5
Text of S 5307 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions