senate Bill S3065

2013-2014 Legislative Session

Relates to replacement of individual life insurance policies or annuity contracts

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

do you support this bill?

Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 05, 2014 referred to insurance
delivered to assembly
passed senate
Feb 26, 2014 advanced to third reading
Feb 11, 2014 2nd report cal.
Feb 10, 2014 1st report cal.148
Jan 08, 2014 referred to insurance
returned to senate
died in assembly
Apr 15, 2013 referred to corporations, authorities and commissions
delivered to assembly
passed senate
Mar 06, 2013 advanced to third reading
Mar 05, 2013 2nd report cal.
Mar 04, 2013 1st report cal.145
Jan 29, 2013 referred to insurance

Votes

view votes

Feb 10, 2014 - Insurance committee Vote

S3065
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Mar 4, 2013 - Insurance committee Vote

S3065
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

S3065 - Details

See Assembly Version of this Bill:
A7494
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§2123 & 4226, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S5024, A10537

S3065 - Summary

Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulations be consistent with policies of the national association of insurance commissioners.

S3065 - Sponsor Memo

S3065 - Bill Text download pdf

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

                                  3065

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 29, 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  the  replacement  of
  individual  life insurance policies or individual annuity contracts of
  any insurer

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

  Section  1.  The  section  heading and subsections (a), (b) and (c) of
section 2123 of the insurance law,  subsections  (a),  (b)  and  (c)  as
amended  by  chapter  540 of the laws of 1996, paragraph 3 of subsection
(a) as added by chapter 616 of the laws of 1997, the  opening  paragraph
of paragraph 3 of subsection (a) as amended by chapter 13 of the laws of
2002, are amended to read as follows:
  Misrepresentations[,]   AND   misleading  statements  [and  incomplete
comparisons].
  (a) (1) No agent or representative of any insurer  or  health  mainte-
nance  organization  authorized  to  transact  life,  accident or health
insurance or health maintenance organization business in this state  and
no  insurance  broker,  and no other person, firm, association or corpo-
ration, shall issue or circulate or cause or  permit  to  be  issued  or
circulated,  any illustration, circular, statement or memorandum misrep-
resenting the terms, benefits or advantages of any policy or contract of
life, accident or health insurance, any annuity contract or  any  health
maintenance  organization  contract, delivered or issued for delivery or
to be delivered or issued for delivery, in this state, or shall make any
misleading estimate as to the dividends or share  of  surplus  or  addi-
tional  amounts to be received in the future on such policy or contract,
or shall make any false or misleading statement as to the  dividends  or
share  of  surplus  or  additional  amounts  previously paid by any such
insurer or  health  maintenance  organization  on  similar  policies  or
contracts, or shall make any misleading representation, or any misrepre-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08140-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.