|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Dec 18, 2013||tabled|
|Dec 06, 2013||delivered to governor|
|Jun 20, 2013||returned to assembly|
3rd reading cal.1365
substituted for s5550
|Jun 20, 2013||substituted by a7546a|
|Jun 12, 2013||ordered to third reading cal.1365|
committee discharged and committed to rules
|May 17, 2013||referred to insurance|
senate Bill S5550Vetoed By Governor
Archive: Last Bill Status Via A7546 - Vetoed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Vetoed by Governor
S5550 - Details
- See Assembly Version of this Bill:
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3449, Ins L
S5550 - Summary
Provides that wireless communications equipment insurance policies shall not be subject to rules providing for producer compensation transparency.
S5550 - Sponsor Memo
BILL NUMBER:S5550 TITLE OF BILL: An act to amend the insurance law, in relation to wireless communications equipment insurance policies PURPOSE OR GENERAL IDEA OF BILL: To clarify the disclosure requirements for wireless communications equipment insurance companies. SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill amends section 3449 of the Insurance Law to permit promulgation of compensation disclosure regulations by the department of financial services that are suitable to wireless communications equipment insurance policies sales. EXISTING LAW: The wireless communications vendor ("wireless vendor") is licensed as a "limited licensee" under Section 2131 of the Insurance Law. As required under § 2131(e)(2), when the wireless vendor offers the purchaser of wireless communications equipment the option of purchasing wireless communications equipment insurance, the wireless vendor makes available to the purchaser written materials summarizing the material terms of the insurance coverage, including the name of the insurer and the agent licensed under section 2103(b) of the Insurance Law. Additionally, such materials indicate that this product may be a duplication of coverage already provided by a renter's, homeowner's, automobile or other liability insurance.
S5550 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5550 2013-2014 Regular Sessions I N S E N A T E May 17, 2013 ___________ Introduced by Sen. LIBOUS -- 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 wireless communi- cations equipment insurance policies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (e) of section 3449 of the insurance law, as added by chapter 426 of the laws of 2005, is amended to read as follows: (e) The superintendent may promulgate regulations regarding policies of wireless communications equipment insurance, including, but not limited to, regulations governing policy terms and conditions, and may establish other reasonable limitations; PROVIDED, HOWEVER, THAT THE PROVISIONS OF PART THIRTY OF TITLE ELEVEN OF THE NEW YORK STATE CODES, RULES AND REGULATIONS, RELATING TO PRODUCER COMPENSATION TRANSPARENCY, SHALL NOT APPLY TO SUCH POLICIES. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11044-01-3
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