Senate Bill S4041

2021-2022 Legislative Session

Relates to replacement of individual life insurance policies or annuity contracts

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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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2021-S4041 (ACTIVE) - Details

See Assembly Version of this Bill:
A9688
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§2123 & 4226, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5024
2013-2014: S3065
2015-2016: S1170
2017-2018: S708
2019-2020: S3502
2023-2024: S2817, A4434

2021-S4041 (ACTIVE) - Summary

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

2021-S4041 (ACTIVE) - Sponsor Memo

2021-S4041 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4041
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  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 maintenance 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
 navigator,  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,  circu-
 lar,  statement  or  memorandum  misrepresenting  the terms, benefits or
 advantages of any policy or contract of life, accident or health  insur-
 ance,  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 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-
 tional amounts previously paid by any such insurer or health maintenance
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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