S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
March 15, 2011
Introduced by Sen. SEWARD -- 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 life insurance poli-
cies that credit additional amounts in accordance with an equity index
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 14 of subsection (a) of section 3203 of the
insurance law is amended to read as follows:
(14) in any policy under which additional amounts may be credited for
any period pursuant to subsection (b) of section four thousand two
hundred thirty-two of this chapter, that states that the insurer shall
credit any such amount no less frequently than annually during such
period, PROVIDED THAT ANY POLICY THAT CREDITS ADDITIONAL AMOUNTS IN
ACCORDANCE WITH AN EQUITY INDEX SHALL STATE THAT THE INSURER SHALL CRED-
IT ANY SUCH AMOUNT NO LESS FREQUENTLY THAN EVERY FIVE YEARS.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.