Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 05, 2014 |
referred to insurance delivered to assembly passed senate |
Feb 26, 2014 |
advanced to third reading |
Feb 11, 2014 |
2nd report cal. |
Feb 10, 2014 |
1st report cal.148 |
Jan 08, 2014 |
referred to insurance returned to senate died in assembly |
Apr 15, 2013 |
referred to corporations, authorities and commissions delivered to assembly passed senate |
Mar 06, 2013 |
advanced to third reading |
Mar 05, 2013 |
2nd report cal. |
Mar 04, 2013 |
1st report cal.145 |
Jan 29, 2013 |
referred to insurance |
Senate Bill S3065
2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last 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
Actions
Votes
2013-S3065 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7494
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2123 & 4226, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S5024, A10537
2015-2016: S1170, A702
2017-2018: S708, A2655
2019-2020: S3502
2021-2022: S4041
2023-2024: S2817
2013-S3065 (ACTIVE) - Summary
Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulations be consistent with policies of the national association of insurance commissioners.
2013-S3065 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3065 TITLE OF BILL: An act to amend the insurance law, in relation to the replacement of individual life insurance policies or individual annuity contracts of any insurer PURPOSE: The purpose of this bill is to amend 02123 and 4226 of the insurance law to establish that the regulation governing replacements of life insurance policies or annuity contracts with another policy or contract should be consistent, to the greatest extent practicable and in the public interest, with the replacements regulation adopted by the National Association of Insurance Commissioners (NAIC). SUMMARY OF PROVISIONS: This bill amends §§ 2123 and 4226 of the insurance law so as to continue to establish that insurers and producers are prohibited from making misleading or incomplete representations of any policy or contract for the purpose of inducing a customer to lapse, forfeit or surrender a policy or contract. This bill further provides that the superintendent of insurance/financial services shall establish rules for the replacement of life insurance policies and annuity contracts and that those rules shall be, to the greatest extent practicable and in the public interest, consistent with the replacement regulation adopted by the NAIC, as amended from time to time. This bill would also amend both sections to remove the current requirement that the replacement rules must contain a requirement that policies or contracts being contemplated for
2013-S3065 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3065 2013-2014 Regular Sessions I N S E N A T E January 29, 2013 ___________ 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 the replacement of individual life insurance policies or individual annuity contracts of any insurer THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The section heading and subsections (a), (b) and (c) of section 2123 of the insurance law, subsections (a), (b) and (c) as amended by chapter 540 of the laws of 1996, paragraph 3 of subsection (a) as added by chapter 616 of the laws of 1997, the opening paragraph of paragraph 3 of subsection (a) as amended by chapter 13 of the laws of 2002, are amended to read as follows: Misrepresentations[,] AND misleading statements [and incomplete comparisons]. (a) (1) No agent or representative of any insurer or health mainte- nance organization authorized to transact life, accident or health insurance or health maintenance organization business in this state and no insurance broker, and no other person, firm, association or corpo- ration, shall issue or circulate or cause or permit to be issued or circulated, any illustration, circular, statement or memorandum misrep- resenting the terms, benefits or advantages of any policy or contract of life, accident or health insurance, any annuity contract or any health maintenance organization contract, delivered or issued for delivery or to be delivered or issued for delivery, in this state, or shall make any misleading estimate as to the dividends or share of surplus or addi- tional amounts to be received in the future on such policy or contract, or shall make any false or misleading statement as to the dividends or share of surplus or additional amounts previously paid by any such insurer or health maintenance organization on similar policies or contracts, or shall make any misleading representation, or any misrepre- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08140-01-3
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