Relates to pre-need funeral services and provides that the department of financial services will conduct a study of pre-arranged funeral services and goods.
Ayes (55): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Dilan, Espaillat, Farley, Flanagan, Fuschillo, Gianaris, Golden, Griffo, Grisanti, Hannon, Huntley, Kennedy, Klein, Krueger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stewart-Cousin, Valesky, Young, Zeldin
Nays (2): Duane, Gallivan
Excused (4): Diaz, Hassell-Thomps, Johnson, Stavisky
TITLE OF BILL: An act to amend chapter 557 of the laws of 2001 amending the general business law, the public health law and the insurance law relating to clarifying provisions pertaining to pre-need funeral services, in relation to the effectiveness thereof
SUMMARY OF PROVISIONS: This bill extends for five years chapter 557 of L. 2001, which prohibits acceptance of commissions on pre-need funeral insurance.
It also requires a study be completed by the Department of Financial Services no later than three years after the effective date of this chapter, examining practices in at least ten other states.
JUSTIFICATION: When this legislation was initially enacted in 2001, the Governor in his approval memo noted that the issues surrounding the issuance of pre-need funeral insurance required further study.
This study has never been conducted.
This legislation will preserve stability and continuity in the industry for a period of five years and allow the issue to be studied.
LEGISLATIVE HISTORY: New Bill.
FISCAL IMPLICATIONS: None.
LOCAL FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 7490 IN SENATE May 25, 2012 ___________Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend chapter 557 of the laws of 2001 amending the general business law, the public health law and the insurance law relating to clarifying provisions pertaining to pre-need funeral services, in relation to the effectiveness thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 6 of chapter 557 of the laws of 2001 amending the general business law, the public health law and the insurance law relat- ing to clarifying provisions pertaining to pre-need funeral services, as amended by chapter 78 of the laws of 2007, is amended to read as follows: S 6. This act shall take effect 30 days after it shall have become a law provided, however sections 3 and 4 of this act shall expire, be deemed repealed and shall cease to be of any force or effect after June 1,
2017, AND PROVIDED THAT THE DEPARTMENT OF FINANCIAL SERVICES SHALL CONDUCT A STUDY OF FUNDING PRE-ARRANGED FUNERAL SERVICES AND GOODS, EXAMINING PRACTICES IN A MINIMUM OF TEN OTHER STATES, BY USE OF LIFE INSURANCE, TRUST DEPOSITING OR ANY OTHER FUNDING MECHANISM IN USE OR THAT WOULD BE APPROPRIATE. THE RESULTS OF SUCH STUDY SHALL BE DELIV- ERED TO THE GOVERNOR AND LEGISLATURE ON OR BEFORE APRIL 15, 2015. S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 12, 2001.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16037-02-2