Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 31, 2012 |
print number 7708a |
May 31, 2012 |
amend and recommit to insurance |
Jan 04, 2012 |
referred to insurance |
May 16, 2011 |
referred to insurance |
Assembly Bill A7708
2011-2012 Legislative Session
Sponsored By
MORELLE
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
Bill Amendments
2011-A7708 - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3203, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A7306
2011-A7708 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7708 2011-2012 Regular Sessions I N A S S E M B L Y May 16, 2011 ___________ Introduced by M. of A. MORELLE -- read once and referred to the Commit- tee on Insurance AN ACT to amend the insurance law, in relation to life insurance poli- cies that credit additional amounts in accordance with an equity index THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 14 of subsection (a) of section 3203 of the insurance law is amended to read as follows: (14) in any policy under which additional amounts may be credited for any period pursuant to subsection (b) of section four thousand two hundred thirty-two of this chapter, that states that the insurer shall credit any such amount no less frequently than annually during such period, PROVIDED THAT ANY POLICY THAT CREDITS ADDITIONAL AMOUNTS IN ACCORDANCE WITH AN EQUITY INDEX SHALL STATE THAT THE INSURER SHALL CRED- IT ANY SUCH AMOUNT NO LESS FREQUENTLY THAN EVERY FIVE YEARS. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10037-01-1
2011-A7708A (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3203, Ins L
- Versions Introduced in 2013-2014 Legislative Session:
-
A7306
2011-A7708A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7708--A 2011-2012 Regular Sessions I N A S S E M B L Y May 16, 2011 ___________ Introduced by M. of A. MORELLE -- read once and referred to the Commit- tee on Insurance -- recommitted to the Committee on Insurance in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the insurance law, in relation to life insurance poli- cies that credit additional amounts in accordance with an equity index THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (A) of paragraph 8 of subsection (a) of section 3203 of the insurance law is amended to read as follows: (A) that the policyholder shall be entitled to a loan at any time the policy is in force in an amount not exceeding the loan value, and under the conditions, specified in section four thousand two hundred twenty- two of this chapter, provided three full years' premiums have been paid or, in the case of policies that provide that the policyholder may vary the amount and frequency of premiums to be paid to the insurer, after three years from the issue of the policy, if the policy is not in default, PROVIDED THAT POLICIES CREDITING ADDITIONAL AMOUNTS IN ACCORD- ANCE WITH AN EQUITY INDEX SHALL BE ENTITLED TO A LOAN, ELECTED BY THE POLICY OWNER, AT ANY TIME DURING THE EQUITY INDEX PERIOD AND THAT, IN THE EVENT THAT A POLICY LOAN THAT REDUCES THE ACCOUNT VALUE IS ELECTED PRIOR TO THE END OF THE EQUITY INDEX PERIOD, THE ADDITIONAL AMOUNTS DETERMINED AT THE END OF THE EQUITY INDEX PERIOD SHALL REFLECT THE CHANGE IN ACCOUNT VALUES DURING SUCH EQUITY INDEX PERIOD; S 2. Paragraph 14 of subsection (a) of section 3203 of the insurance law is amended to read as follows: (14) (A) in any policy under which additional amounts may be credited for any period pursuant to subsection (b) of section four thousand two hundred thirty-two of this chapter, that states that the insurer shall credit any such amount no less frequently than annually during such EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10037-03-2
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.