Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 18, 2013 |
signed chap.535 |
Dec 06, 2013 |
delivered to governor |
Jun 12, 2013 |
returned to senate passed assembly ordered to third reading rules cal.155 substituted for a7306b |
Jun 10, 2013 |
referred to insurance delivered to assembly passed senate |
May 29, 2013 |
amended on third reading 4171b |
May 21, 2013 |
amended on third reading 4171a |
Mar 20, 2013 |
advanced to third reading |
Mar 19, 2013 |
2nd report cal. |
Mar 18, 2013 |
1st report cal.206 |
Mar 12, 2013 |
referred to insurance |
Senate Bill S4171
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - 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
2013-S4171 - Details
2013-S4171 - Sponsor Memo
BILL NUMBER:S4171 TITLE OF BILL: An act to amend the insurance law, in relation to life insurance policies that credit additional amounts in accordance with an equity index PURPOSE: The purpose of the bill is to permit indexed universal life insurance policies to credit additional amounts no less frequently than every three years. SUMMARY OF PROVISIONS: Amends § 3203(a)(14), 3209 (b) and 4221 (n-1) of the insurance law to permit any policy that credits additional amounts in accordance with an equity index to do so more frequently than annually, provided that the policy shall state that the additional amounts will be credited no less frequently that every three years. EXISTING LAW: Current law requires that all policies crediting additional amounts must credit such additional amounts no less frequently than annually. This annual crediting requirement places severe limitations on product design for equity indexed universal life insurance and limits the products available to New York consumers JUSTIFICATION: A universal life policy provides flexibility to the purchaser of the policy. Unlike traditional "fixed" premium whole life policies, universal life policies allow for flexible premium payments
2013-S4171 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4171 2013-2014 Regular Sessions I N S E N A T E March 12, 2013 ___________ 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. 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 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 THREE YEARS, AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06624-02-3
2013-S4171A - Details
2013-S4171A - Sponsor Memo
BILL NUMBER:S4171A TITLE OF BILL: An act to amend the insurance law, in relation to life insurance policies that credit additional amounts in accordance with an equity index PURPOSE: The purpose of the bill is to permit indexed universal life insurance policies to credit additional amounts no less frequently than every three years. SUMMARY OF PROVISIONS: Amends § 3203(a)(8)(A), 3203(a)(14), 3203(e) and 3209(i) of the insurance law to permit any policy that credits additional amounts in accordance with an equity index to do so more frequently than annually, provided that the policy shall state that the additional amounts will be credited no less frequently that every three years This bill also contains several provisions that require insurers to include certain favorable policy features in the contract and also requires customer disclosures regarding the specific terms of the contract. EXISTING LAW: Current law requires that all policies crediting additional amounts must credit such additional amounts no less frequently than annually. This annual crediting requirement places severe limitations on product design for equity indexed universal life insurance and limits the products available to New York consumers.
2013-S4171A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4171--A Cal. No. 206 2013-2014 Regular Sessions I N S E N A T E March 12, 2013 ___________ Introduced by Sen. SEWARD -- 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 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] THAT, FOR A POLICY NOT IN DEFAULT AND WHERE THREE FULL YEARS' PREMIUMS HAVE BEEN PAID OR, IN THE CASE OF A POLICY WHERE THE POLICY- HOLDER MAY VARY THE AMOUNT AND FREQUENCY OF PREMIUMS TO BE PAID TO THE INSURER, AFTER THREE YEARS FROM THE DATE OF ISSUE OF THE POLICY, THE POLICYHOLDER SHALL BE ENTITLED TO A LOAN IN AN AMOUNT NOT EXCEEDING THE LOAN VALUE, UNDER THE CONDITIONS SPECIFIED IN SECTION FOUR THOUSAND TWO HUNDRED TWENTY-TWO OF THIS CHAPTER. HOWEVER, A POLICYHOLDER SHALL BE ENTITLED TO A LOAN FROM AN EQUITY INDEX ACCOUNT THAT CREDITS ADDITIONAL AMOUNTS LESS FREQUENTLY THAN ANNUALLY AT ANY TIME THE EQUITY INDEX POLI- CY HAS A LOAN VALUE; S 2. Paragraph 14 of subsection (a) of section 3203 of the insurance law is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06624-03-3
2013-S4171B (ACTIVE) - Details
2013-S4171B (ACTIVE) - Sponsor Memo
BILL NUMBER:S4171B TITLE OF BILL: An act to amend the insurance law, in relation to life insurance policies that credit additional amounts in accordance with an equity index PURPOSE: The purpose of the bill is to permit indexed universal life insurance policies to credit additional amounts no less frequently than every three years. SUMMARY OF PROVISIONS: Amends § 3203(a)(8)(A), 3203(a)(14), 3203(e) and 3209(I) of the insur- ance law to permit any policy that credits additional amounts in accord- ance with an equity index to do so more frequently than annually, provided that the policy shall state that the additional amounts will be credited no less frequently than every three years. This bill also contains several provisions that require insurers to include certain favorable policy features in the contract and also requires customer disclosures regarding the specific terms of the contract. EXISTING LAW: Current law requires that all policies crediting additional amounts must
2013-S4171B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4171--B Cal. No. 206 2013-2014 Regular Sessions I N S E N A T E March 12, 2013 ___________ Introduced by Sen. SEWARD -- 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 -- again amended and ordered reprinted, retaining its place in the order of third reading 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] THAT, FOR A POLICY NOT IN DEFAULT AND WHERE THREE FULL YEARS' PREMIUMS HAVE BEEN PAID OR, IN THE CASE OF A POLICY WHERE THE POLICY- HOLDER MAY VARY THE AMOUNT AND FREQUENCY OF PREMIUMS TO BE PAID TO THE INSURER, AFTER THREE YEARS FROM THE DATE OF ISSUE OF THE POLICY, THE POLICYHOLDER SHALL BE ENTITLED TO A LOAN IN AN AMOUNT NOT EXCEEDING THE LOAN VALUE, UNDER THE CONDITIONS SPECIFIED IN SECTION FOUR THOUSAND TWO HUNDRED TWENTY-TWO OF THIS CHAPTER. HOWEVER, A POLICYHOLDER SHALL BE ENTITLED TO A LOAN FROM AN EQUITY INDEX ACCOUNT THAT CREDITS ADDITIONAL AMOUNTS LESS FREQUENTLY THAN ANNUALLY AT ANY TIME THE EQUITY INDEX POLI- CY HAS A LOAN VALUE; S 2. Paragraph 14 of subsection (a) of section 3203 of the insurance law is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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