Senate BillIntroduced
S 5315: Reduces the minimum nonforfeiture interest rate for annuities 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.
What S 5315 does, verified January 9, 2026
The bill aims to modify the interest rate within the standard nonforfeiture law for annuities. It sets the minimum annual effective rate of interest at issue to be specified in the contract, which must be at least half of one percent for contracts with a premium charge and fifteen hundredths of one percent for contracts without a premium charge. The minimum annual effective rate of interest is calculated based on the five-year constant maturity treasury rate and must be filed with the superintendent. If the contract allows for the minimum annual effective rate of interest to be redetermined, the redetermination date, basis, calculation, and period must also be stated in the contract. The changes take 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 5315
- What is the current status of S 5315?
- As of January 9, 2026, S 5315 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 5315 pass?
- Not yet. S 5315 has been introduced and has not passed either house.
- Who wrote S 5315, and where is it now?
- S 5315 was authored by Sen. Jamaal Bailey. Its committee of record is Senate Insurance.
Author and sponsors
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| Jan. 07, 2026 | REFERRED TO INSURANCE |
| Feb. 20, 2025 | REFERRED TO INSURANCE |
Latest bill textIntroduced version, February 20, 2025 · 320 words
STATE OF NEW YORK ________________________________________________________________________ 5315 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 modifying the interest rate within the standard nonforfeiture law for annuities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Item (iii) of subparagraph (F) of paragraph 2 of subsection 2 (c) of section 4223 of the insurance law, as amended by chapter 170 of 3 the laws of 2008, is amended to read as follows: 4 (iii) where the resulting minimum guaranteed interest rate is not less 5 than one half of one percent for any contract with a premium charge and 6 for contracts without premium charges during any contract period with a 7 surrender charge, and not less than fifteen hundredths of one percent 8 during any contract period with no surrender charge. The minimum annual 9 effective rate of interest at issue shall be specified in the contract. 10 The basis and calculation for setting the minimum annual effective rate 11 of interest at issue of a contract shall be filed with the superinten- 12 dent. If the contract provides that the minimum annual effective rate of 13 interest may be redetermined, the redetermination date, basis, calcu- 14 lation and period shall be stated in the contract. The basis is the date 15 or average over a specified period that produces the values of the five- 16 year constant maturity treasury rate to be used at each redetermination 17 date or at issue. 18 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05801-01-5
Text of S 5315 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions