senate Bill S6463

Vetoed By Governor
2011-2012 Legislative Session

Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the equipment retailer

download bill text pdf

Sponsored By

Archive: Last Bill Status - Vetoed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 17, 2012 vetoed memo.187
Dec 05, 2012 delivered to governor
Jun 19, 2012 returned to senate
passed assembly
ordered to third reading cal.655
substituted for a9313
May 30, 2012 referred to insurance
delivered to assembly
passed senate
Apr 30, 2012 advanced to third reading
Apr 26, 2012 2nd report cal.
Apr 25, 2012 1st report cal.567
Feb 13, 2012 referred to insurance

Co-Sponsors

S6463 - Details

See Assembly Version of this Bill:
A9313
Law Section:
Insurance Law
Laws Affected:
Amd §2131, Ins L

S6463 - Summary

Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the wireless communications equipment retailer.

S6463 - Sponsor Memo

S6463 - Bill Text download pdf

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

                                  6463

                            I N  S E N A T E

                            February 13, 2012
                               ___________

Introduced  by  Sen.  LIBOUS -- 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 disclosures by limited
  licensees which are wireless communications equipment vendors

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

  Section  1.  Subparagraph  (E)  of  paragraph  2  of subsection (e) of
section 2131 of the insurance law, as amended by chapter 368 of the laws
of 2010, is amended to read as follows:
  (E) the price, deductible,  benefits,  exclusions  and  conditions  or
other  limitations of such policies, AND, WITH REGARD TO WIRELESS COMMU-
NICATIONS EQUIPMENT POLICIES, DISCLOSE, WHEN A COMMISSION IS PAID  TO  A
RETAIL  REPRESENTATIVE, PROVIDED THAT A COMMISSION IS TO BE SO PAID, AND
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, RULE OR  REGULATION  TO  THE
CONTRARY  REGARDING  PRODUCER  COMPENSATION, THE DISCLOSURES REQUIRED BY
THIS SUBPARAGRAPH SHALL BE DEEMED TO BE IN FULL COMPLIANCE WITH ANY SUCH
LAW, RULE OR REGULATION;
  S 2. Section 2131 of the insurance law is amended by  adding  two  new
subsections (m) and (n) to read as follows:
  (M)  FOR  PURPOSES  OF THIS SECTION, WITH RESPECT TO INSURANCE OFFERED
AND PROVIDED TO WIRELESS COMMUNICATIONS EQUIPMENT VENDORS,  "COMMISSION"
SHALL  MEAN  THE PROVISION BY A WIRELESS COMMUNICATIONS EQUIPMENT VENDOR
TO A RETAIL REPRESENTATIVE OF MONETARY  REMUNERATION,  WHICH  IS  SOLELY
CONTINGENT  UPON  A CONSUMER'S DECISION TO ENROLL IN A WIRELESS COMMUNI-
CATION EQUIPMENT VENDOR INSURANCE POLICY.
  (N) EXCEPT AS OTHERWISE PROVIDED FOR IN THIS SECTION,  THE  PROVISIONS
OF  PART THIRTY OF TITLE ELEVEN OF NEW YORK STATE CODES, RULES AND REGU-
LATIONS, AND ANY OTHER LAW, RULE OR REGULATION REGARDING  DISCLOSURE  OF
PRODUCER  COMPENSATION SHALL NOT APPLY TO WIRELESS COMMUNICATIONS EQUIP-
MENT POLICIES.
  S 3. This act shall take effect on the thirtieth day  after  it  shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14507-01-2

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