senate Bill S2756

Signed By Governor
2013-2014 Legislative Session

Clarifies certain provisions relating to unclaimed life insurance benefits

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A1831 -


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

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 15, 2013 signed chap.10
Mar 12, 2013 delivered to governor
Mar 11, 2013 returned to assembly
passed senate
3rd reading cal.53
substituted for s2756
Mar 11, 2013 substituted by a1831
Feb 27, 2013 advanced to third reading
Feb 12, 2013 2nd report cal.
Feb 11, 2013 1st report cal.53
Jan 23, 2013 referred to insurance

S2756 - Details

See Assembly Version of this Bill:
A1831
Law Section:
Insurance Law
Laws Affected:
Amd ยง3213-a, Ins L

S2756 - Summary

Clarifies certain provisions relating to unclaimed life insurance benefits.

S2756 - Sponsor Memo

S2756 - Bill Text download pdf

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

                                  2756

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 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 unclaimed life  insur-
  ance benefits, relating to clarifying certain provisions

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

  Section 1. Section 3213-a of the insurance law, as  added  by  chapter
495 of the laws of 2012, is amended to read as follows:
  S [3213-a] 3240. Unclaimed benefits. (a) Definitions. For the purposes
of this section:
  (1)  "Account" means: (A) 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]  PLACING THE
PROCEEDS INTO AN ACCOUNT WHERE THE INSURER RETAINS  THOSE  PROCEEDS  AND
THE  BENEFICIARY HAS CHECK OR DRAFT WRITING PRIVILEGES; OR (B) ANY OTHER
SETTLEMENT OPTION RELATING TO THE MANNER OF DISTRIBUTION OF THE PROCEEDS
PAYABLE UNDER A POLICY.
  (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] MEANS an individual covered by a policy or an
annuitant 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05840-01-3

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