senate Bill S4039A

2011-2012 Legislative Session

Relates to life insurance policies that credit additional amounts in accordance with an equity index

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 19, 2012 referred to insurance
delivered to assembly
passed senate
Jun 06, 2012 advanced to third reading
Jun 05, 2012 2nd report cal.
Jun 04, 2012 1st report cal.993
May 31, 2012 print number 4039a
amend and recommit to insurance
Jan 04, 2012 referred to insurance
returned to senate
died in assembly
Jun 13, 2011 referred to insurance
delivered to assembly
passed senate
Jun 06, 2011 advanced to third reading
Jun 02, 2011 2nd report cal.
Jun 01, 2011 1st report cal.896
Mar 15, 2011 referred to insurance

Votes

view votes

Jun 4, 2012 - Insurance committee Vote

S4039A
17
0
committee
17
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: Jun 4, 2012

excused (1)

Jun 1, 2011 - Insurance committee Vote

S4039
15
0
committee
15
Aye
0
Nay
2
Aye with Reservations
1
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jun 1, 2011

aye wr (2)
absent (1)

S4039 - Details

See Assembly Version of this Bill:
A7708A
Law Section:
Insurance Law
Laws Affected:
Amd §§3203, 3209 & 4221, Ins L

S4039 - Summary

Relates to life insurance policies that credit additional amounts in accordance with an equity index; imposes additional requirements on such policies including notice provisions.

S4039 - Sponsor Memo

S4039 - Bill Text download pdf

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

                                  4039

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 15, 2011
                               ___________

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 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

Co-Sponsors

S4039A (ACTIVE) - Details

See Assembly Version of this Bill:
A7708A
Law Section:
Insurance Law
Laws Affected:
Amd §§3203, 3209 & 4221, Ins L

S4039A (ACTIVE) - Summary

Relates to life insurance policies that credit additional amounts in accordance with an equity index; imposes additional requirements on such policies including notice provisions.

S4039A (ACTIVE) - Sponsor Memo

S4039A (ACTIVE) - Bill Text download pdf

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

                                 4039--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 15, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance  --  recommitted
  to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

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.
                                                           LBD10037-02-2

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