New York Laws
Article 32 - Insurance Contracts - Life, Accident and Health, Annuities
3223 - Group Annuity Contracts; Standard Provisions as to Contractual Rights and Responsibilities of Contract Holders, Certificate Holders and Annuitants, An

(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 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.

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