Assembly Bill A5964

2023-2024 Legislative Session

Provides for limited death benefit life insurance policies for persons aged 60 and over

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Sponsored By

Current 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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2023-A5964 (ACTIVE) - Details

See Senate Version of this Bill:
S2656
Current Committee:
Assembly Insurance
Law Section:
General Business Law
Laws Affected:
Add Art 30-C §647, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6276
2011-2012: A6804
2013-2014: A5600
2015-2016: A3399
2017-2018: A2074
2019-2020: A4351, S5311
2021-2022: A4461, S5705

2023-A5964 (ACTIVE) - Summary

Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires an insurer to provide consumers with a prescribed "Financial Review of Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.

2023-A5964 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5964
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced  by  M. of A. COOK, PEOPLES-STOKES, ZEBROWSKI, GUNTHER, HYND-
   MAN, TAYLOR, BUTTENSCHON, SAYEGH, WILLIAMS, STECK  --  Multi-Sponsored
   by -- M. of A.  DAVILA, SIMON -- read once and referred to the Commit-
   tee on Insurance
 
 AN  ACT  to amend the general business law, in relation to limited death
   benefit life insurance policies for persons aged sixty and over
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new article
 30-C to read as follows:
                               ARTICLE 30-C
                 FINANCIAL REVIEW REQUIREMENT FOR LIMITED
                 DEATH BENEFIT LIFE INSURANCE POLICIES FOR
                        PERSONS AGED SIXTY AND OVER
 SECTION 647. FINANCIAL REVIEW OF POLICY.
   § 647. FINANCIAL REVIEW OF POLICY. 1. WHENEVER A LIFE INSURANCE POLICY
 OR  CERTIFICATE OF INSURANCE IS DELIVERED OR ISSUED FOR DELIVERY IN THIS
 STATE TO AN APPLICANT AT AGE SIXTY AND OVER, WHICH LIMITS DEATH BENEFITS
 DURING A PERIOD FOLLOWING THE INCEPTION DATE OF THE POLICY OR WHERE  THE
 ACCUMULATED  PREMIUMS  EXCEED  THE DEATH BENEFIT AT ANY POINT DURING THE
 FIRST TEN YEARS, THE INSURER SHALL PROVIDE THE INSURED WITH A COPY OF  A
 "FINANCIAL  REVIEW  OF  POLICY" FORM OF AT LEAST TEN POINT IN SIZE. SUCH
 FORM SHALL USE SUBSTANTIALLY  THE  SAME  FORMAT  AND  TERMINOLOGY  SHOWN
 BELOW,  AND  SHALL  HAVE  COMPLETE  INFORMATION PROVIDED FOR ANY AND ALL
 BLANK SPACE.
                        FINANCIAL REVIEW OF POLICY
       NOTICE: YOU SHOULD REVIEW THIS  FORM  AND  YOUR  POLICY  AND
       DECIDE  IF  THE  POLICY  IS SUITABLE FOR YOU. IF YOU ARE NOT
       ENTIRELY SATISFIED, PURSUANT TO NEW YORK STATE LAW, YOU  MAY
       RETURN  THE  POLICY  WITHIN  THIRTY  DAYS  FROM THE DATE YOU
       RECEIVE IT AND OBTAIN A FULL REFUND OF  ANY  PREMIUMS  PAID.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04349-01-3
              

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