assembly Bill A9915

Signed By Governor
2013-2014 Legislative Session

Relates to the life insurance company guaranty corporation of New York

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Archive: Last Bill Status - Signed by Governor

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

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view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 signed chap.454
Nov 10, 2014 delivered to governor
Jun 18, 2014 returned to assembly
passed senate
3rd reading cal.1540
substituted for s7320a
Jun 17, 2014 referred to rules
delivered to senate
passed assembly
Jun 16, 2014 ordered to third reading rules cal.333
rules report cal.333
Jun 12, 2014 reported referred to rules
Jun 03, 2014 reported referred to ways and means
May 28, 2014 referred to insurance


A9915 (ACTIVE) - Details

See Senate Version of this Bill:
Law Section:
Insurance Law
Laws Affected:
Amd §§7702, 7703, 7705, 7708, 7709, 1108 & 7503, add §7719, Ins L

A9915 (ACTIVE) - Summary

Relates to the life insurance company guaranty corporation of New York.

A9915 (ACTIVE) - Bill Text download pdf

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


                          I N  A S S E M B L Y

                              May 28, 2014

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cahill) --
  read once and referred to the Committee on Insurance

AN ACT to amend the insurance law, in relation  to  the  life  insurance
  company guaranty corporation of New York


  Section 1. Section 7702 of the insurance law, as added by chapter  802
of the laws of 1985, is amended to read as follows:
  S  7702.  Purpose.  The purpose of this article is to provide funds to
protect [resident policyowners] POLICY OWNERS, insureds,  beneficiaries,
annuitants,  payees  and  assignees  of  life insurance policies, health
insurance policies, annuity contracts, funding  agreements  and  supple-
mental  contracts issued by life insurance companies, subject to certain
limitations, against failure in the  performance  of  contractual  obli-
gations  due to the impairment or insolvency of the insurer issuing such
policies [or], contracts, OR FUNDING AGREEMENTS.  In the judgment of the
legislature, the foregoing objects and purposes  not  being  capable  of
accomplishment by a corporation created under general laws, the creation
of  a  not-for-profit  corporation  of  insurers is provided for by this
article to enable the guarantee of payment of benefits and of  continua-
tion of coverages, and members of the corporation are subject to assess-
ment to carry out the purposes of this article.
  S 2. Section 7703 of the insurance law, as added by chapter 802 of the
laws of 1985, is amended to read as follows:
  S  7703. Scope. (a) (1) This article shall apply to direct life insur-
ance policies, health insurance  policies,  annuity  contracts,  funding
agreements,  and SUPPLEMENTAL contracts [supplemental to life and health
insurance policies, annuity contracts or funding agreements] issued  [to
a  resident]  by  a  life insurance company licensed to transact life or
health insurance or annuities in this state  at  the  time  the  policy,
contract,  or FUNDING agreement was issued or [at the time it became] ON
RESPECT TO SUCH A COMPANY THAT IS an impaired or insolvent  insurer,  as
the case may be.

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


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