BILL NUMBER:A10426
TITLE OF BILL: An act to repeal section 7718 of the insurance law,
relating to the prohibited advertisement of the corporation in sale of
insurance
SUMMARY OF SPECIFIC PROVISIONS: Section 1. Section 7718 of the insur-
ance law is repealed.
JUSTIFICATION: The purpose of the Life Insurance Company Guaranty
Corporation of New York is to provide funds to protect resident policy
owners, insureds, beneficiaries, annuitants, payees and assignees of
life insurance policies, health insurance policies, annuity contracts,
funding agreements and supplemental contracts issued by life insurance
companies, subject to certain limitations, against failure in the
performance of contractual obligations due to the impairment or insol-
vency of the insurer issuing such policies or contracts. However, due
to section 7718 of the insurance law, it is prohibited to share this
information with the consumer.
Those advising their clients should be allowed to share this information
with their clients to insure that safeguards are in place to protect
consumers.
PRIOR LEGISLATIVE HISTORY: New Bill
S T A T E O F N E W Y O R K
________________________________________________________________________
10426
I N A S S E M B L Y
March 25, 2010
___________
Introduced by M. of A. McKEVITT -- read once and referred to the Commit-
tee on Insurance
AN ACT to repeal section 7718 of the insurance law, relating to the
prohibited advertisement of the corporation in sale of insurance
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 7718 of the insurance law is REPEALED.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16608-01-0
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