Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2012 |
approval memo.21 signed chap.495 |
Dec 05, 2012 |
delivered to governor |
Jun 21, 2012 |
returned to assembly passed senate 3rd reading cal.997 substituted for s6943a |
Jun 21, 2012 |
substituted by a9845b |
Jun 18, 2012 |
amended on third reading 6943a |
Jun 06, 2012 |
advanced to third reading |
Jun 05, 2012 |
2nd report cal. |
Jun 04, 2012 |
1st report cal.997 |
Apr 13, 2012 |
referred to insurance |
Senate Bill S6943
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A9845 - Signed by Governor
- 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
Bill Amendments
co-Sponsors
(D, WF) 21st Senate District
2011-S6943 - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Add §3213-a, Ins L
2011-S6943 - Sponsor Memo
BILL NUMBER:S6943 TITLE OF BILL: An act to amend the insurance law, in relation to unclaimed life insurance benefits PURPOSE: The purpose of this bill is to add a new §3213-a of the insurance law to require life insurers to do regular matching of their in-force life insurance policyholder and retained asset account records against the U.S. Social Security Administration Death Master File of potentially deceased individuals and to make a good faith attempt to locate missing beneficiaries for unclaimed life insurance benefits that are positively determined as a result of that search. SUMMARY OF PROVISIONS: This bill adds a new § 3213-a of the insurance law to require life insurers to perform a semi-annual search of their in-force life insurance policy and retained asset account records against the U.S. Social Security Administration Death Master File or the periodic updates thereto. If a match between information contained in the Death Master File and an in-force policy or account is found, life insurers must, within 90 days, make a good faith effort to confirm the death of the insured or account holder against
2011-S6943 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6943 I N S E N A T E April 13, 2012 ___________ 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 unclaimed life insur- ance benefits 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 3213-a to read as follows: S 3213-A. UNCLAIMED BENEFITS; RETAINED ASSET ACCOUNTS. (A) IN THIS SECTION: (1) "DEATH MASTER FILE" MEANS THE UNITED STATES SOCIAL SECURITY ADMIN- ISTRATION DEATH MASTER FILE OR ANY OTHER DATABASE OR SERVICE THAT IS AT LEAST AS COMPREHENSIVE AS THE UNITED STATES SOCIAL SECURITY ADMINIS- TRATION DEATH MASTER FILE FOR DETERMINING THAT A PERSON HAS REPORTEDLY DIED. (2) "DEATH MASTER FILE MATCH" MEANS A SEARCH OF THE DEATH MASTER FILE THAT RESULTS IN AN EXACT MATCH OF THE SOCIAL SECURITY NUMBER OR THE NAME AND DATE OF BIRTH OF AN INSURED OR RETAINED ASSET ACCOUNT HOLDER. (3) "RETAINED ASSET ACCOUNT" MEANS ANY MECHANISM WHEREBY THE SETTLE- MENT OF PROCEEDS PAYABLE UNDER A LIFE INSURANCE POLICY IS ACCOMPLISHED BY THE LIFE INSURER OR AN ENTITY ACTING ON BEHALF OF THE LIFE INSURER PLACING THE PROCEEDS INTO AN ACCOUNT WITH CHECK OR DRAFT WRITING PRIVI- LEGES WHERE THOSE PROCEEDS ARE RETAINED BY THE LIFE INSURER PURSUANT TO A SUPPLEMENTARY CONTRACT NOT INVOLVING ANNUITY BENEFITS. (B)(1) ON AT LEAST A SEMI-ANNUAL BASIS, AN INSURER SHALL PERFORM A COMPARISON OF ITS IN-FORCE LIFE INSURANCE POLICIES AND RETAINED ASSET ACCOUNTS AGAINST THE DEATH MASTER FILE, OR A FILE CONTAINING ALL THE UPDATES THERETO SINCE THE DATE OF THE LAST COMPARISON RUN BY THE INSUR- ER, TO IDENTIFY POTENTIAL MATCHES OF ITS INSUREDS OR ACCOUNT HOLDERS, PROVIDED THAT THE INSURER SHALL PERFORM THE COMPARISON AGAINST THE FULL DEATH MASTER FILE NO LESS THAN ANNUALLY. (2) WITHIN NINETY DAYS AFTER THE IDENTIFICATION OF A POTENTIAL DEATH MASTER FILE MATCH, THE INSURER SHALL COMPLETE A GOOD FAITH EFFORT TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15333-01-2
co-Sponsors
(D, WF) 21st Senate District
2011-S6943A (ACTIVE) - Details
- Law Section:
- Insurance Law
- Laws Affected:
- Add §3213-a, Ins L
2011-S6943A (ACTIVE) - Summary
Requires insurers to perform a comparison of life insurance policies against the federal death master file to identify potential matches of its insureds or account holders and to complete a good faith effort to confirm the death of the insured and locate beneficiaries.
2011-S6943A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6943A TITLE OF BILL: An act to amend the insurance law, in relation to unclaimed life insurance benefits PURPOSE: The purpose of this bill is to add a new §3213-a of the insurance law to require life insurers to do regular matching of their in-force and lapsed life insurance policies and accounts against the U.S. Social Security Administration Death Master File of potentially deceased individuals and to make a good faith attempt to locate missing beneficiaries for unclaimed life insurance benefits that are positively determined as a result of that search. SUMMARY OF PROVISIONS: This bill adds a new § 3213-a of the insurance law to require life insurers to perform a quarterly search of their life insurance policies and account records against the U.S. Social Security Administration Death Master File or the periodic updates there to. If a match is found, the insurer must make a good faith effort to confirm the death of the insured or account holder against other available records and information. Once there is reasonable evidence of death and a determination of benefits due has been made, life insurers will also have a duty to
2011-S6943A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6943--A Cal. No. 997 I N S E N A T E April 13, 2012 ___________ Introduced by Sens. SEWARD, PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to unclaimed life insur- ance benefits 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 3213-a to read as follows: S 3213-A. UNCLAIMED BENEFITS. (A) DEFINITIONS. FOR THE PURPOSES OF THIS SECTION: (1) "ACCOUNT" MEANS ANY MECHANISM, WHETHER DENOTED AS A RETAINED ASSET ACCOUNT OR OTHERWISE, WHEREBY THE SETTLEMENT OF PROCEEDS PAYABLE TO A BENEFICIARY UNDER A POLICY IS ACCOMPLISHED BY THE INSURER OR AN ENTITY ACTING ON BEHALF OF THE INSURER WHERE THE PROCEEDS ARE RETAINED BY THE INSURER PURSUANT TO A SUPPLEMENTARY CONTRACT. (2) "DEATH INDEX" MEANS THE DEATH MASTER FILE MAINTAINED BY THE UNITED STATES SOCIAL SECURITY ADMINISTRATION OR ANY OTHER DATABASE OR SERVICE THAT IS AT LEAST AS COMPREHENSIVE AS THE DEATH MASTER FILE MAINTAINED BY THE UNITED STATES SOCIAL SECURITY ADMINISTRATION AND THAT IS ACCEPTABLE TO THE SUPERINTENDENT. (3) "INSURED" INCLUDES AN INDIVIDUAL COVERED BY A POLICY OR AN ANNUI- TANT WHEN THE ANNUITY CONTRACT PROVIDES FOR BENEFITS TO BE PAID OR OTHER MONIES TO BE DISTRIBUTED UPON THE DEATH OF THE ANNUITANT. (4) "INSURER" MEANS A LIFE INSURANCE COMPANY OR FRATERNAL BENEFIT SOCIETY. (5) "LOST POLICY FINDER" MEANS A SERVICE MADE AVAILABLE BY THE DEPART- MENT ON ITS WEBSITE OR OTHERWISE DEVELOPED BY THE SUPERINTENDENT EITHER ON HIS OR HER OWN OR IN CONJUNCTION WITH OTHER STATE REGULATORS, TO ASSIST CONSUMERS IN LOCATING UNCLAIMED LIFE INSURANCE BENEFITS. (6) "POLICY" MEANS A LIFE INSURANCE POLICY, INCLUDING POLICIES THAT HAVE LAPSED OR BEEN TERMINATED, ANNUITY CONTRACT, OR A CERTIFICATE UNDER EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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