S T A T E O F N E W Y O R K
I N S E N A T E
January 31, 2014
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 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.