N.Y. Insurance Law Section 3223
Group annuity contracts

  • standard provisions as to contractual rights and responsibilities of contract holders, certificate holders and a...
§ 3223. Group annuity contracts; standard provisions as to contractual rights and responsibilities of contract holders, certificate holders and annuitants, and insurers. Except as otherwise provided in § 4240 (Separate accounts)section four thousand two hundred forty of this chapter, every group annuity contract delivered or issued for delivery in this state and every certificate used in connection therewith, other than a certificate to which subsection (a) of § 3219 (Annuity and pure endowment contracts and certain group annuity certificates)section three thousand two hundred nineteen of this article applies, shall contain in substance the following provisions to the extent that such provisions are applicable or provisions which the superintendent deems to be more favorable to annuitants, or not less favorable to annuitants and more favorable to the contract holders:

(a)

in any such contract requiring payments to be made to the insurer, that, after the first payment, there shall be a grace period of thirty-one days following the due date of any subsequent payment within which the payment to be remitted to the insurer may be made. During such grace period, the contract shall continue in full force;

(b)

specifying the document or documents, which shall include the contract and, if a copy is attached thereto, the application of the contract holder, constituting the entire contract between the parties;

(c)

that if the age or sex of any person, or any other fact affecting the amount or date of any payment by or to the insurer, has been misstated, there will be an equitable adjustment, as provided in the contract, of the benefits payable thereunder or of the payments to be made to the insurer. Each certificate issued under the contract shall contain an appropriate reference to such provision for equitable adjustment;

(d)

in any such contract providing for the maintenance by the insurer of one or more accounts for each annuitant and providing that withdrawals may be made from such accounts only with the annuitant’s consent or upon termination of the annuitant’s employment, that the insurer shall issue a certificate for delivery to each annuitant who contributes to the contract, specifying the nature and basis of ascertainment of benefits, which are deemed by the superintendent to be equitable to the annuitant and the contract holder, in the event of either the termination of the annuitant’s employment, except by death, or the discontinuance of payments under the contract. The contract and certificate shall provide that if the annuitant dies before the commencement date of the annuity, the insurer shall pay a death benefit at least equal to the accumulated amount in the annuitant’s accounts arising from the annuitant’s contributions. Nothing herein shall be construed to require that the contract or certificate contain the same provisions required for contracts or certificates subject to § 4223 (Standard nonforfeiture law for annuities)section four thousand two hundred twenty-three of this chapter;

(e)

that the insurer shall issue for delivery to each person to whom annuity benefits are being paid thereunder a certificate setting forth a statement in substance of the benefits to which such person is entitled under such contract.

Source: Section 3223 — Group annuity contracts; standard provisions as to contractual rights and responsibilities of contract holders, certificate holders and a..., https://www.­nysenate.­gov/legislation/laws/ISC/3223 (updated Sep. 22, 2014; accessed Apr. 13, 2024).

3201
Approval of life, accident and health, credit unemployment, and annuity policy forms 3202
Withdrawal of approval of policy forms 3203
Individual life insurance policies 3204
Policy to contain entire contract 3205
Insurable interest in the person 3206
Policies which provide for an adjustable maximum rate of interest on policy loans 3207
Life insurance contracts by or for the benefit of minors 3208
Antedating of life insurance policies and burial agreements prohibited 3209
Life insurance, annuities and funding agreements disclosure requirements 3210
Incontestability after reinstatement 3211
Notice of premium due under life or disability insurance policy 3212
Exemption of proceeds and avails of certain insurance and annuity contracts 3213
Payment of proceeds 3214
Interest upon proceeds of life insurance policies and annuity contracts 3215
Disability benefits in connection with life insurance and annuities 3216
Individual accident and health insurance policy provisions 3217
Minimum standards in the form, content and sale of accident and health insurance 3217–A
Disclosure of information 3217–B
Prohibitions 3217–C
Primary and preventive obstetric and gynecologic care 3217–D
Grievance procedure and access to specialty care 3217–E
Choice of health care provider 3217–F
Prohibition on lifetime and annual limits 3217–G
Maternal depression screenings 3217–H
Telehealth delivery of services 3217–I
Essential health benefits package and limit on cost-sharing 3217–J
Utilization review determinations for medically fragile children 3218
Medicare supplemental insurance policies 3219
Annuity and pure endowment contracts and certain group annuity certificates 3220
Group life insurance policies 3221
Group or blanket accident and health insurance policies 3222
Funding agreements 3223
Group annuity contracts 3224
Standard claim forms 3224–A
Standards for prompt, fair and equitable settlement of claims for health care and payments for health care services 3224–B
Rules relating to the processing of health claims and overpayments to physicians 3224–C
Coordination of benefits 3224–D
Prescription synchronization 3225
Eligibility for health insurance in cases of exposure to DES 3226
Reinsurance contracts excepted 3227
Interest upon surrenders, policy loans and other funds 3228
Individual accident and health insurance policies 3229
Minimum benefit standards for certain long term care plans 3230
Accelerated payment of the death benefit or special surrender value under a life insurance policy 3231
Rating of individual and small group health insurance policies 3231*2
Health insurance policies and subscriber contracts 3232
Pre-existing condition provisions in health policies 3232–A
Certification of creditable coverage 3233
Stabilization of health insurance markets and premium rates 3234
Pre-existing condition provisions in group and blanket disability policies 3234*2
Limitations on administrative services and stop-loss coverage 3235
Explanation of benefits forms relating to claims under medicare supplemental insurance policies and limited benefits health insurance pol... 3236
Public health law assessments 3237
Health insurance coverage for full-time students on medical leaves of absence 3238
Pre-authorization of health care services 3239
Wellness programs 3240
Unclaimed benefits 3240*2
Student accident and health insurance 3241
Network coverage 3242
Prescription drug coverage 3243
Discrimination because of sex or marital status in hospital, surgical or medical expense insurance 3244
Explanation of benefits forms relating to claims under certain accident and health insurance policies 3245
Liability to providers in the event of an insolvency
Green check means up to date. Up to date

Accessed:
Apr. 13, 2024

Last modified:
Sep. 22, 2014

§ 3223’s source at nysenate​.gov

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