Assembly Bill A9313

Vetoed By Governor
2011-2012 Legislative Session

Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the equipment retailer

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S6463 - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2011-A9313 (ACTIVE) - Details

See Senate Version of this Bill:
S6463
Law Section:
Insurance Law
Laws Affected:
Amd §2131, Ins L

2011-A9313 (ACTIVE) - Summary

Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the wireless communications equipment retailer.

2011-A9313 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9313

                          I N  A S S E M B L Y

                            February 16, 2012
                               ___________

Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance law, in relation to disclosures by limited
  licensees which are wireless communications equipment vendors

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph  (E)  of  paragraph  2  of subsection (e) of
section 2131 of the insurance law, as amended by chapter 368 of the laws
of 2010, is amended to read as follows:
  (E) the price, deductible,  benefits,  exclusions  and  conditions  or
other  limitations of such policies, AND, WITH REGARD TO WIRELESS COMMU-
NICATIONS EQUIPMENT POLICIES, DISCLOSE, WHEN A COMMISSION IS PAID  TO  A
RETAIL  REPRESENTATIVE, PROVIDED THAT A COMMISSION IS TO BE SO PAID, AND
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, RULE OR  REGULATION  TO  THE
CONTRARY  REGARDING  PRODUCER  COMPENSATION, THE DISCLOSURES REQUIRED BY
THIS SUBPARAGRAPH SHALL BE DEEMED TO BE IN FULL COMPLIANCE WITH ANY SUCH
LAW, RULE OR REGULATION;
  S 2. Section 2131 of the insurance law is amended by  adding  two  new
subsections (m) and (n) to read as follows:
  (M)  FOR  PURPOSES  OF THIS SECTION, WITH RESPECT TO INSURANCE OFFERED
AND PROVIDED TO WIRELESS COMMUNICATIONS EQUIPMENT VENDORS,  "COMMISSION"
SHALL  MEAN  THE PROVISION BY A WIRELESS COMMUNICATIONS EQUIPMENT VENDOR
TO A RETAIL REPRESENTATIVE OF MONETARY  REMUNERATION,  WHICH  IS  SOLELY
CONTINGENT  UPON  A CONSUMER'S DECISION TO ENROLL IN A WIRELESS COMMUNI-
CATION EQUIPMENT VENDOR INSURANCE POLICY.
  (N) EXCEPT AS OTHERWISE PROVIDED FOR IN THIS SECTION,  THE  PROVISIONS
OF  PART THIRTY OF TITLE ELEVEN OF NEW YORK STATE CODES, RULES AND REGU-
LATIONS, AND ANY OTHER LAW, RULE OR REGULATION REGARDING  DISCLOSURE  OF
PRODUCER  COMPENSATION SHALL NOT APPLY TO WIRELESS COMMUNICATIONS EQUIP-
MENT POLICIES.
  S 3. This act shall take effect on the thirtieth day  after  it  shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14507-01-2

              

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