Assembly Bill A9154A

Signed By Governor
2013-2014 Legislative Session

Relates to accelerated death benefits under a life insurance policy

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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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Bill Amendments

co-Sponsors

2013-A9154 - Details

See Senate Version of this Bill:
S6507
Law Section:
Insurance Law
Laws Affected:
Amd §3230, Ins L

2013-A9154 - Summary

Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.

2013-A9154 - Bill Text download pdf

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

                                  9154

                          I N  A S S E M B L Y

                             March 24, 2014
                               ___________

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

AN ACT to amend the insurance law,  in  relation  to  accelerated  death
  benefits under a life insurance policy

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

  Section 1. Subsection (c) of section 3230 of  the  insurance  law,  as
added by chapter 428 of the laws of 1991, is amended to read as follows:
  (c) [Insurers are prohibited from paying accelerated death benefits or
special surrender values to the policy owner or certificate holder for a
period of fourteen days from the date on which the information specified
in  subdivision  (d)  of  this  section is transmitted in writing to the
policy owner or certificate holder.] The  policy  owner  or  certificate
holder  shall have the right to rescind the request for such payments at
any time during the process of application for said benefits.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13611-01-4


              

co-Sponsors

multi-Sponsors

2013-A9154A (ACTIVE) - Details

See Senate Version of this Bill:
S6507
Law Section:
Insurance Law
Laws Affected:
Amd §3230, Ins L

2013-A9154A (ACTIVE) - Summary

Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.

2013-A9154A (ACTIVE) - Bill Text download pdf

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

                                 9154--A

                          I N  A S S E M B L Y

                             March 24, 2014
                               ___________

Introduced  by M. of A. CYMBROWITZ, SKOUFIS -- read once and referred to
  the Committee on Insurance  --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  insurance law, in relation to accelerated death
  benefits under a life insurance policy

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

  Section  1.  Subsection  (c)  of section 3230 of the insurance law, as
added by chapter 428 of the laws of 1991, is amended to read as follows:
  (c) Insurers are prohibited from paying accelerated death benefits  or
special surrender values to the policy owner or certificate holder for a
period  of  [fourteen]  FIVE days from the date on which the information
specified in subdivision (d) of this section is transmitted  in  writing
to  the  policy owner or certificate holder. The policy owner or certif-
icate holder shall have the  right  to  rescind  the  request  for  such
payments  at  any  time during the process of application for said bene-
fits.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13611-02-4


              

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