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Assembly Bill A8975

2011-2012 Legislative Session

Suspends premiums on life insurance policies where the policy holder is missing

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Archive: Last Bill Status - In Assembly Committee

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2011-A8975 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add ยง3240, Ins L

2011-A8975 (ACTIVE) - Summary

Suspends premiums on life insurance policies where the policy holder is missing; policy retains value while suspended; remains suspended until the policy holder is found or presumed dead by the appropriate court.

2011-A8975 (ACTIVE) - Bill Text download pdf 

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

                                  8975

                          I N  A S S E M B L Y

                            January 10, 2012
                               ___________

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

AN ACT to amend the insurance law, in relation to suspending premiums on
  life insurance policies where the policy holder is missing

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

  Section 1. The insurance law is amended by adding a new  section  3240
to read as follows:
  S 3240. SUSPENSION OF LIFE INSURANCE PREMIUMS. (A) NOTWITHSTANDING ANY
PROVISION  OF  LAW  TO  THE  CONTRARY,  LIFE INSURANCE PREMIUMS SHALL BE
SUSPENDED WHERE THE POLICY HOLDER IS DEEMED  MISSING  AND  SHALL  REMAIN
SUSPENDED UNTIL SUCH PERSON IS LOCATED OR PRESUMED DEAD BY THE APPROPRI-
ATE  COURT. SUCH LIFE INSURANCE POLICY SHALL RETAIN ITS VALUE DURING THE
TIME THE PREMIUM IS SUSPENDED.
  (B) FOR PURPOSES OF THIS SECTION, A PERSON  IS  DEEMED  MISSING  IF  A
REPORT  TO  A  LAW  ENFORCEMENT  AUTHORITY  HAS BEEN MADE REGARDING SUCH
PERSON'S WHEREABOUTS.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13377-01-1

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