senate Bill S4171B

Signed By Governor
2013-2014 Legislative Session

Relates to life insurance policies that credit additional amounts in accordance with an equity index

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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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Actions

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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

Votes

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Bill Amendments

Original
A
B (Active)
Original
A
B (Active)

S4171 - Details

See Assembly Version of this Bill:
A7306B
Law Section:
Insurance Law
Laws Affected:
Amd §§3203 & 3209, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S4039A, A7708A

S4171 - Summary

Relates to life insurance policies that credit additional amounts in accordance with an equity index.

S4171 - Sponsor Memo

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

S4171A - Details

See Assembly Version of this Bill:
A7306B
Law Section:
Insurance Law
Laws Affected:
Amd §§3203 & 3209, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S4039A, A7708A

S4171A - Summary

Relates to life insurance policies that credit additional amounts in accordance with an equity index.

S4171A - Sponsor Memo

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

S4171B (ACTIVE) - Details

See Assembly Version of this Bill:
A7306B
Law Section:
Insurance Law
Laws Affected:
Amd §§3203 & 3209, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S4039A, A7708A

S4171B (ACTIVE) - Summary

Relates to life insurance policies that credit additional amounts in accordance with an equity index.

S4171B (ACTIVE) - Sponsor Memo

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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