Under NY Insurance Law § 4223, what does the standard nonforfeiture law for individual deferred annuities primarily require?

Why this is the answer

NY Insurance Law § 4223 is New York's standard nonforfeiture law for annuities. It does not regulate sales channels, peg crediting to a 10-year Treasury rate, or require surrender charges to be waived after the third year. It requires deferred annuities to provide minimum cash surrender, paid-up annuity and death benefits, built from an 'actual accumulation amount': net considerations credited with at least a minimum interest rate, less limited charges, withdrawals and loans. The cash surrender value may be reduced by a withdrawal charge, but only up to a statutory cap. This protects owners from forfeiting too much value if they surrender early.