Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to insurance |
Apr 04, 2011 |
defeated in insurance |
Feb 22, 2011 |
notice of committee consideration - requested |
Jan 05, 2011 |
referred to insurance |
Senate Bill S504
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Insurance 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
Votes
co-Sponsors
(D, WF) 28th Senate District
2011-S504 (ACTIVE) - Details
2011-S504 (ACTIVE) - Sponsor Memo
BILL NUMBER:S504 TITLE OF BILL: REVISED 12/30/11 An act to amend the insurance law, in relation to prohibiting retained-asset accounts PURPOSE OR GENERAL IDEA OF BILL: Bans retained-asset accounts. SUMMARY OF SPECIFIC PROVISIONS: Section 1. Amends section 321? of the Insurance Law. Prohibits proceeds from a life insurance policy to be held in a retained-asset account held by the insurer. Defines a retained-asset account. Section 2. Effective Date EXISTING LAW: None. JUSTIFICATION: A recent news report in Bloomberg News (July 28, 2010) told the story of a twenty-four year old Army sergeant who had been killed by a bomb in Afghanistan and his $400,000 life insurance policy held by Prudential Financial, Inc. Unfortunately, the money wasn't deposited in a bank account guaranteed by the Federal Deposit Insurance
2011-S504 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 504 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. DIAZ -- 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 prohibiting retained- asset accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3213 of the insurance law is amended to read as follows: S 3213. Payment of proceeds. 1. WHERE THE PROCEEDS OF A POLICY OF LIFE INSURANCE DELIVERED OR ISSUED FOR DELIVERY IN THIS STATE ARE PAYA- BLE, ACCORDING TO ITS TERMS, SUCH PROCEEDS SHALL NOT BE HELD IN A RETAINED-ASSET ACCOUNT HELD BY THE INSURER. FOR PURPOSES OF THIS SECTION A "RETAINED-ASSET ACCOUNT" SHALL MEAN AN ACCOUNT NOT GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FUNDS OF WHICH ARE RETAINED BY THE INSURER, WITH ALL OR A PORTION OF THE INTEREST BEING PAID TO THE INSURER, BUT THE FUNDS OF SUCH ACCOUNT ARE PAYABLE TO THE BENEFICIARY OR BENEFICIARIES BY USE OF A CHECKBOOK. 2. Where the proceeds of a policy of life insurance delivered or issued for delivery in this state are payable, according to its terms, to two or more beneficiaries without designation of their respective interests, the proceeds shall be paid to such beneficiaries in equal portions. S 2. This act shall take effect on the sixtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03338-01-1
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.