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 |
Senate Bill S2756
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status Via A1831 - 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
2013-S2756 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1831
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง3213-a, Ins L
2013-S2756 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2756 TITLE OF BILL: An act to amend the insurance law, in relation to unclaimed life insurance benefits, relating to clarifying certain provisions PURPOSE: The purpose of this bill is to amend chapter 495 of the laws of 2012 to clarify the statutory procedures for life insurers to perform regular cross-checks of their life insurance policies and accounts against the Social Security Administration's Death Master File and make good faith efforts to locate beneficiaries SUMMARY OF PROVISIONS: This chapter amendment would: 1) clarify that chapter 495 applies to any account set up by the insurer or any other settlement option that relates to the manner of distribution of a policy's benefits; 2) require that the cross-checks be performed using the social security of the insured or account holder or, where the social security number is not known, the name and date of birth of the insured; 3) clarify that insurers must take all necessary steps to have their affiliates and third party administrators perform the cross- checks; 4) require an insurer to accept an alternate proof of loss if the beneficiary cannot obtain a death certificate; 5) clarify that chapter 495 does not apply to group policies administered by the group policyholder only when the insurer does not maintain or control the necessary records containing; and 6) provide that insurers who use a third party administrator will have 45 days to respond to inquiries
2013-S2756 (ACTIVE) - 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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