Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2012 |
vetoed memo.187 |
Dec 05, 2012 |
delivered to governor |
Jun 19, 2012 |
returned to senate passed assembly ordered to third reading cal.655 substituted for a9313 |
May 30, 2012 |
referred to insurance delivered to assembly passed senate |
Apr 30, 2012 |
advanced to third reading |
Apr 26, 2012 |
2nd report cal. |
Apr 25, 2012 |
1st report cal.567 |
Feb 13, 2012 |
referred to insurance |
Senate Bill S6463
Vetoed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - 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
Actions
Votes
co-Sponsors
(D) Senate District
2011-S6463 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9313
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §2131, Ins L
2011-S6463 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6463 TITLE OF BILL: An act to amend the insurance law, in relation to disclosures by limited licensees which are wireless communications equipment vendors PURPOSE OR GENERAL IDEA OF BILL: To clarify the disclosure requirements for wireless communications equipment insurance companies. SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill amends section 2131 of the insurance law to explicitly require that when a commission is earned for the sale of wireless communications equipment insurance that the receipt of such commission be disclosed. Section two further amends section 2131 of the insurance law by clarify- ing that the term "commission" means a payment to an insurance salesper- son that is based only on a consumer's decision to enroll in a wireless equipment insurance program. Section two further provides that such wireless communications equipment insurance program sales are to be regulated by the simple process established in this bill. EXISTING LAW: The wireless communications vendor ("wireless vendor") is licensed as a "limited licensee" under Section 2131 of the Insurance Law. As required under § 2131(e) (2), when the wireless vendor offers the purchaser of wireless communications equipment the option of purchasing wireless communications equipment insurance, the wireless
2011-S6463 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6463 I N S E N A T E February 13, 2012 ___________ Introduced by Sen. LIBOUS -- 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 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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