Assembly Bill A10537

2011-2012 Legislative Session

Relates to replacement of individual life insurance policies or annuity contracts

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10537 (ACTIVE) - Details

See Senate Version of this Bill:
S5024
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§2123 & 4226, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7494, S3065
2015-2016: A702, S1170
2017-2018: A2655, S708
2019-2020: S3502
2021-2022: S4041
2023-2024: S2817

2011-A10537 (ACTIVE) - Summary

Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulations be consistent with policies of the national association of insurance commissioners.

2011-A10537 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10537

                          I N  A S S E M B L Y

                              June 4, 2012
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Morelle) --
  read once and referred to the Committee on Insurance

AN ACT to amend the insurance law, in relation  to  the  replacement  of
  individual  life insurance policies or individual annuity contracts of
  any insurer

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  section  heading and subsections (a), (b) and (c) of
section 2123 of the insurance law,  subsections  (a),  (b)  and  (c)  as
amended  by  chapter  540 of the laws of 1996, paragraph 3 of subsection
(a) as added by chapter 616 of the laws of 1997, the  opening  paragraph
of paragraph 3 of subsection (a) as amended by chapter 13 of the laws of
2002, are amended to read as follows:
  Misrepresentations[,]   AND   misleading  statements  [and  incomplete
comparisons].
  (a) (1) No agent or representative of any insurer  or  health  mainte-
nance  organization  authorized  to  transact  life,  accident or health
insurance or health maintenance organization business in this state  and
no  insurance  broker,  and no other person, firm, association or corpo-
ration, shall issue or circulate or cause or  permit  to  be  issued  or
circulated,  any illustration, circular, statement or memorandum misrep-
resenting the terms, benefits or advantages of any policy or contract of
life, accident or health insurance, any annuity contract or  any  health
maintenance  organization  contract, delivered or issued for delivery or
to be delivered or issued for delivery, in this state, or shall make any
misleading estimate as to the dividends or share  of  surplus  or  addi-
tional  amounts to be received in the future on such policy or contract,
or shall make any false or misleading statement as to the  dividends  or
share  of  surplus  or  additional  amounts  previously paid by any such
insurer or  health  maintenance  organization  on  similar  policies  or
contracts, or shall make any misleading representation, or any misrepre-
sentation,  as  to the financial condition of any such insurer or health
maintenance organization, or as to the legal reserve system  upon  which
such insurer or health maintenance organization operates.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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