senate Bill S6507A

Signed By Governor
2013-2014 Legislative Session

Relates to accelerated death benefits under a life insurance policy

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Archive: Last Bill Status Via A9154 - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 signed chap.448
Nov 10, 2014 delivered to governor
Jun 20, 2014 returned to assembly
passed senate
3rd reading cal.1102
substituted for s6507a
Jun 20, 2014 substituted by a9154a
Jun 09, 2014 advanced to third reading
Jun 03, 2014 2nd report cal.
Jun 02, 2014 1st report cal.1102
May 21, 2014 print number 6507a
amend and recommit to insurance
Jan 31, 2014 referred to insurance

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S6507 - Details

See Assembly Version of this Bill:
A9154A
Law Section:
Insurance Law
Laws Affected:
Amd §3230, Ins L

S6507 - Summary

Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.

S6507 - Sponsor Memo

S6507 - Bill Text download pdf

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

                                  6507

                            I N  S E N A T E

                            January 31, 2014
                               ___________

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  accelerated  death
  benefits under a life insurance policy

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

  Section 1. Subsection (c) of section 3230 of  the  insurance  law,  as
added by chapter 428 of the laws of 1991, is amended to read as follows:
  (c) [Insurers are prohibited from paying accelerated death benefits or
special surrender values to the policy owner or certificate holder for a
period of fourteen days from the date on which the information specified
in  subdivision  (d)  of  this  section is transmitted in writing to the
policy owner or certificate holder.] The  policy  owner  or  certificate
holder  shall have the right to rescind the request for such payments at
any time during the process of application for said benefits.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13611-01-4

S6507A (ACTIVE) - Details

See Assembly Version of this Bill:
A9154A
Law Section:
Insurance Law
Laws Affected:
Amd §3230, Ins L

S6507A (ACTIVE) - Summary

Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.

S6507A (ACTIVE) - Sponsor Memo

S6507A (ACTIVE) - Bill Text download pdf

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

                                 6507--A

                            I N  S E N A T E

                            January 31, 2014
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee  on  Insurance  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  amend  the  insurance law, in relation to accelerated death
  benefits under a life insurance policy

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

  Section  1.  Subsection  (c)  of section 3230 of the insurance law, as
added by chapter 428 of the laws of 1991, is amended to read as follows:
  (c) Insurers are prohibited from paying accelerated death benefits  or
special surrender values to the policy owner or certificate holder for a
period  of  [fourteen]  FIVE days from the date on which the information
specified in subdivision (d) of this section is transmitted  in  writing
to  the  policy owner or certificate holder. The policy owner or certif-
icate holder shall have the  right  to  rescind  the  request  for  such
payments  at  any  time during the process of application for said bene-
fits.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13611-03-4

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