Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 21, 2014 |
signed chap.448 |
Nov 10, 2014 |
delivered to governor |
Jun 20, 2014 |
returned to assembly passed senate 3rd reading cal.1102 substituted for s6507a |
Jun 20, 2014 |
substituted by a9154a |
Jun 09, 2014 |
advanced to third reading |
Jun 03, 2014 |
2nd report cal. |
Jun 02, 2014 |
1st report cal.1102 |
May 21, 2014 |
print number 6507a |
May 21, 2014 |
amend and recommit to insurance |
Jan 31, 2014 |
referred to insurance |
Senate Bill S6507A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A9154 - Signed by Governor
- 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
Actions
Votes
Bill Amendments
2013-S6507 - Details
- See Assembly Version of this Bill:
- A9154
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3230, Ins L
2013-S6507 - Sponsor Memo
BILL NUMBER:S6507 TITLE OF BILL: An act to amend the insurance law, in relation to accel- erated death benefits under a life insurance policy PURPOSE: This bill would amend subsection (c) of section 3230 of the insurance law relating to the timing of the payment of an accelerated death benefit by a life insurer. SUMMARY OF PROVISIONS: Currently, § 3230(c) of the insurance law prohib- its life insurers from paying a policyholder an accelerated death bene- fit until a period of fourteen days after they have applied for receipt of such benefit and been provided the disclosure and illustration required pursuant to the section. This legislation deletes that require- ment so that the accelerated death benefit applied for by the policy- holder may be paid out in a more timely manner by the life insurer. JUSTIFICATION: Section 3230 of the insurance law establishes the rules that life insurers must follow when a policyholder applies for an accel- erated death benefit under a life insurance policy. Life insurance poli- cies that contain an accelerated death benefit provision authorize the policyholder to apply to receive some portion of their life insurance death benefit before they are deceased. Policies that provide this option to policyholders are authorized to provide the accelerated death benefit if the policyholder is determined to be terminally, catastroph- ically or chronically (requiring long term care services) ill, as such
2013-S6507 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6507 I N S E N A T E January 31, 2014 ___________ Introduced by Sen. SEWARD -- 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 accelerated death benefits under a life insurance policy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 3230 of the insurance law, as added by chapter 428 of the laws of 1991, is amended to read as follows: (c) [Insurers are prohibited from paying accelerated death benefits or special surrender values to the policy owner or certificate holder for a period of fourteen days from the date on which the information specified in subdivision (d) of this section is transmitted in writing to the policy owner or certificate holder.] The policy owner or certificate holder shall have the right to rescind the request for such payments at any time during the process of application for said benefits. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13611-01-4
2013-S6507A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9154
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3230, Ins L
2013-S6507A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6507A TITLE OF BILL: An act to amend the insurance law, in relation to accelerated death benefits under a life insurance policy PURPOSE: This bill would amend subsection (c) of section 3230 of the insurance law relating to the timing of the payment of an accelerated death benefit by a life insurer SUMMARY OF PROVISIONS: Currently, § 3230(c) of the insurance law prohibits life insurers from paying a policyholder an accelerated death benefit until a period of five days after they have applied for receipt of such benefit and been provided the disclosure and illustration required pursuant to the section. This legislation deletes that requirement so that the accelerated death benefit applied for by the policyholder may be paid out in a more timely manner by the life insurer. JUSTIFICATION: Section 3230 of the insurance law establishes the rules that life insurers must follow when a policyholder applies for an accelerated death benefit under a life insurance policy. Life insurance policies that contain an accelerated death benefit provision authorize the policyholder to apply to receive some portion of their life insurance death benefit before they are deceased. Policies that provide this option to policyholders are authorized to provide the accelerated death benefit if the policyholder is determined to be
2013-S6507A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6507--A I N S E N A T E January 31, 2014 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to accelerated death benefits under a life insurance policy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (c) of section 3230 of the insurance law, as added by chapter 428 of the laws of 1991, is amended to read as follows: (c) Insurers are prohibited from paying accelerated death benefits or special surrender values to the policy owner or certificate holder for a period of [fourteen] FIVE days from the date on which the information specified in subdivision (d) of this section is transmitted in writing to the policy owner or certificate holder. The policy owner or certif- icate holder shall have the right to rescind the request for such payments at any time during the process of application for said bene- fits. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13611-03-4
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