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Assembly Bill A9702

Signed By Governor

2011-2012 Legislative Session

Relates to anti-rebating provisions for insurers

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Archive: Last Bill Status - Signed by Governor

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Bill Amendments

2011-A9702 - Details

See Senate Version of this Bill:
S6812
Law Section:
Insurance Law
Laws Affected:
Amd §§2324 & 4224, Ins L

2011-A9702 - Summary

Provides that an insurer may offer valuable consideration, including merchandise or periodical subscriptions of a value of $25 or less to an insured.

2011-A9702 - Bill Text download pdf 

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

                                  9702

                          I N  A S S E M B L Y

                             March 27, 2012
                               ___________

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

AN  ACT  to  amend  the  insurance  law,  in  relation  to anti-rebating
  provisions for insurers

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

  Section  1.  Subsection  (a)  of section 2324 of the insurance law, as
amended by chapter 482 of the laws  of  2000,  is  amended  to  read  as
follows:
  (a)  No  authorized  insurer, no licensed insurance agent, no licensed
insurance broker, and no employee or other representative  of  any  such
insurer,  agent  or broker shall make, procure or negotiate any contract
of insurance other than as plainly expressed  in  the  policy  or  other
written  contract  issued  or to be issued as evidence thereof, or shall
directly or indirectly, by giving or sharing  a  commission  or  in  any
manner  whatsoever, pay or allow or offer to pay or allow to the insured
or to any employee of the insured, either as an inducement to the making
of insurance or after insurance has been effected, any rebate  from  the
premium which is specified in the policy, or any special favor or advan-
tage  in the dividends or other benefit to accrue thereon, or shall give
or offer to give any valuable consideration or inducement of  any  kind,
directly  or  indirectly,  which  is  not  specified  in  such policy or
contract, other than any [article of] VALUABLE CONSIDERATION,  INCLUDING
BUT  NOT LIMITED TO merchandise OR PERIODICAL SUBSCRIPTIONS, not exceed-
ing [fifteen] TWENTY-FIVE dollars in value [which shall  have  conspicu-
ously stamped or printed thereon the advertisement of the insurer, agent
or  broker],  or shall give, sell or purchase, or offer to give, sell or
purchase, as an inducement  to  the  making  of  such  insurance  or  in
connection  therewith,  any stock, bond or other securities or any divi-
dends or profits accrued thereon, nor shall the insured,  his  agent  or
representative knowingly receive directly or indirectly, any such rebate
or  special  favor or advantage, provided, however, a licensed insurance
agent or a licensed insurance broker may retain the usual commission  or
underwriting  fee  on  insurance placed on his own property or risks, if

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

co-Sponsors

multi-Sponsors

2011-A9702A (ACTIVE) - Details

See Senate Version of this Bill:
S6812
Law Section:
Insurance Law
Laws Affected:
Amd §§2324 & 4224, Ins L

2011-A9702A (ACTIVE) - Summary

Provides that an insurer may offer valuable consideration, including merchandise or periodical subscriptions of a value of $25 or less to an insured.

2011-A9702A (ACTIVE) - Bill Text download pdf 

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

                                 9702--A

                          I N  A S S E M B L Y

                             March 27, 2012
                               ___________

Introduced by M. of A. HEVESI -- read once and referred to the Committee
  on  Insurance -- committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee

AN ACT  to  amend  the  insurance  law,  in  relation  to  anti-rebating
  provisions for insurers

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

  Section 1. Subsection (a) of section 2324 of  the  insurance  law,  as
amended  by  chapter  482  of  the  laws  of 2000, is amended to read as
follows:
  (a) No authorized insurer, no licensed insurance  agent,  no  licensed
insurance  broker,  and  no employee or other representative of any such
insurer, agent or broker shall make, procure or negotiate  any  contract
of  insurance  other  than  as  plainly expressed in the policy or other
written contract issued or to be issued as evidence  thereof,  or  shall
directly  or  indirectly,  by  giving  or sharing a commission or in any
manner whatsoever, pay or allow or offer to pay or allow to the  insured
or to any employee of the insured, either as an inducement to the making
of  insurance  or after insurance has been effected, any rebate from the
premium which is specified in the policy, or any special favor or advan-
tage in the dividends or other benefit to accrue thereon, or shall  give
or  offer  to give any valuable consideration or inducement of any kind,
directly or indirectly,  which  is  not  specified  in  such  policy  or
contract,  other than any [article of] VALUABLE CONSIDERATION, INCLUDING
BUT NOT LIMITED TO merchandise OR PERIODICAL SUBSCRIPTIONS, not  exceed-
ing  [fifteen]  TWENTY-FIVE dollars in value [which shall have conspicu-
ously stamped or printed thereon the advertisement of the insurer, agent
or broker], or shall give, sell or purchase, or offer to give,  sell  or
purchase,  as  an  inducement  to  the  making  of  such insurance or in
connection therewith, any stock, bond or other securities or  any  divi-
dends  or  profits  accrued thereon, nor shall the insured, his agent or
representative knowingly receive directly or indirectly, any such rebate
or special favor or advantage, provided, however, a  licensed  insurance
agent  or a licensed insurance broker may retain the usual commission or

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

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