Assembly Bill A2655

2017-2018 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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2017-A2655 (ACTIVE) - Details

See Senate Version of this Bill:
S708
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§2123 & 4226, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10537, S5024
2013-2014: A7494, S3065
2015-2016: A702, S1170
2019-2020: S3502
2021-2022: S4041
2023-2024: S2817

2017-A2655 (ACTIVE) - Summary

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

2017-A2655 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2655
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced  by M. of A. STECK -- 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, subsection (a) as amended by  section
 37-a  of  part  D of chapter 56 of the laws of 2013, subsections (b) and
 (c) as amended by chapter 540 of the laws of 1996, 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,
 insurance  broker,  person  who  has  received a grant from and has been
 certified by the health benefit exchange established pursuant to section
 1311 of the Affordable Care Act, 42 U.S.C. § 18031, to act as a  naviga-
 tor,  including  any  person employed by a certified navigator, or other
 person, firm, association or corporation, shall issue  or  circulate  or
 cause  or permit to be issued or circulated, any illustration, circular,
 statement or memorandum misrepresenting the terms,  benefits  or  advan-
 tages  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 deliv-
 ery,  in  this  state,  or  shall make any misleading estimate as to the
 dividends or share of surplus or additional 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  addi-

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

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