senate Bill S6972

2013-2014 Legislative Session

Relates to the life insurance company guaranty corporation of New York

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 09, 2014 referred to insurance

S6972 - Details

Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd §§7702, 7703, 7705, 7708, 7709, 7712, 1108 & 7503, add §7719, Ins L

S6972 - Summary

Relates to the life insurance company guaranty corporation of New York.

S6972 - Sponsor Memo

S6972 - Bill Text download pdf

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

                                  6972

                            I N  S E N A T E

                              April 9, 2014
                               ___________

Introduced  by Sen. SEWARD -- (at request of the Department of Financial
  Services) -- 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 life insurance
  company guaranty corporation of New York

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

  Section  1. Section 7702 of the insurance law, as added by chapter 802
of the laws of 1985, is amended to read as follows:
  S 7702. Purpose. The purpose of this article is to  provide  funds  to
protect  [resident policyowners] POLICY OWNERS, insureds, beneficiaries,
annuitants, payees and assignees  of  life  insurance  policies,  health
insurance  policies,  annuity  contracts, funding agreements and supple-
mental contracts issued by life insurance companies, subject to  certain
limitations,  against  failure  in  the performance of contractual obli-
gations due to the impairment or insolvency of the insurer issuing  such
policies [or], contracts, OR FUNDING AGREEMENTS.  In the judgment of the
legislature,  the  foregoing  objects  and purposes not being capable of
accomplishment by a corporation created under general laws, the creation
of a not-for-profit corporation of insurers  is  provided  for  by  this
article  to enable the guarantee of payment of benefits and of continua-
tion of coverages, and members of the corporation are subject to assess-
ment to carry out the purposes of this article.
  S 2. Section 7703 of the insurance law, as added by chapter 802 of the
laws of 1985, is amended to read as follows:
  S 7703. Scope. (a) (1) This article shall apply to direct life  insur-
ance  policies,  health  insurance  policies, annuity contracts, funding
agreements, and SUPPLEMENTAL contracts [supplemental to life and  health
insurance  policies, annuity contracts or funding agreements] issued [to
a resident] by a life insurance company licensed  to  transact  life  or
health  insurance  or  annuities  in  this state at the time the policy,
contract, or FUNDING agreement was issued or [at the time it became]  ON
THE DATE OF ENTRY OF A COURT ORDER OF LIQUIDATION OR REHABILITATION WITH

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14071-02-4

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