|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 20, 2014||committed to rules|
|Jun 09, 2014||advanced to third reading|
|Jun 03, 2014||2nd report cal.|
|Jun 02, 2014||1st report cal.1103|
|May 09, 2014||referred to insurance|
senate Bill S7299
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7299 - Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §4224, Ins L
S7299 - Summary
Relates to life, accident and health insurance; relates to discrimination and rebating; also relates to prohibited inducements and independent sales.
S7299 - Sponsor Memo
BILL NUMBER:S7299 TITLE OF BILL: An act to amend the insurance law, in relation to life, accident and health insurance; discriminating and rebating; prohibited inducements and independent sales PURPOSE: To modernize the insurance law to allow licensed brokers, agents and benefit consultants to assist insurers and employers in the interpretation, management and communication of the insurance policy and its resulting costs, and to assist insurers and employers in the development and implementation of care coordination services and other incidental or ancillary programs and services. SUMMARY OF PROVISIONS: Section 1 of the bill would amend subsection (f) of § 4224 of the insurance law by adding a new paragraph (3) thereto, to allow licensed insurance producers without charging a service fee, or in the case of licensed insurance brokers for a separate service fee, to provide certain services to assist insurers and, policyholders in the interpretation, management and communication of health insurance policies and plans and their costs, including risk assessment, insurance consultation and advice, insurance-related regulatory & legislative updates, claims assistance services, tax preparations services related to IRS Form 5500 Schedule A (Annual Return/Report of Employee Benefit Plan), insurance plan information, forms, administration, employee & subscriber enrollment services, website links/employee benefit portals, answers to FAQs, COBRA
S7299 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7299 I N S E N A T E May 9, 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 life, accident and health insurance; discriminating and rebating; prohibited inducements and independent sales THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (f) of section 4224 of the insurance law is amended by adding a new paragraph 3 to read as follows: (3) NOTWITHSTANDING SUBSECTION (C) OF THIS SECTION, A LICENSED AGENT OR INSURANCE BROKER MAY PROVIDE THE FOLLOWING SERVICES WITHOUT CHARGING A SERVICE FEE OR, IN THE CASE OF A LICENSED INSURANCE BROKER, FOR A SEPARATE SERVICE FEE PURSUANT TO A WRITTEN MEMORANDUM MADE IN ACCORDANCE WITH SUBSECTION (C) OF SECTION TWO THOUSAND ONE HUNDRED AND NINETEEN OF THIS CHAPTER, IF SUCH SERVICES ARE PROVIDED IN A FAIR AND NONDISCRIMINA- TORY MANNER AND INCIDENTAL TO A GROUP OR BLANKET POLICY OR CONTRACT SOLD BY THE INSURANCE AGENT OR INSURANCE BROKER: (I) RISK ASSESSMENT, INCLUDING IDENTIFYING SOURCES OF RISK AND DEVEL- OPING STRATEGIES FOR ELIMINATING OR LIMITING THOSE RISKS; (II) INSURANCE CONSULTING SERVICES OR OTHER INSURANCE-RELATED ADVICE; (III) INSURANCE-RELATED REGULATORY AND LEGISLATIVE UPDATES; (IV) CERTAIN CLAIMS ASSISTANCE SERVICES (INCLUDING THE PREPARATION OF CLAIMS FORMS), BUT EXCLUDING ADJUSTMENT, UNLESS THE EXCEPTIONS SET FORTH IN SUBSECTION (G) OF SECTION TWO THOUSAND ONE HUNDRED AND ONE OF THIS CHAPTER ARE SATISFIED; (V) TAX PREPARATION ON BEHALF OF AN EMPLOYER OF SCHEDULE A OF THE INTERNAL REVENUE SERVICE FORM FIFTY-FIVE HUNDRED ANNUAL RETURN/REPORT OF EMPLOYEE BENEFIT PLAN, WHICH REQUESTS INFORMATION REGARDING INSURANCE CONTRACT COVERAGE, FEES, AND COMMISSIONS, INVESTMENT AND ANNUITY CONTRACTS, AND WELFARE BENEFIT CONTRACTS; (VI) INFORMATION TO GROUP POLICY OR CONTRACT HOLDERS AND MEMBERS UNDER GROUP INSURANCE POLICIES CURRENTLY IN PLACE, AS WELL AS FORMS NEEDED FOR PLAN ADMINISTRATION, ENROLLMENT IN A PLAN, INSURER WEBSITE LINKS, AND ANSWERS TO FREQUENTLY ASKED QUESTIONS RELATED TO THE INSURANCE (INCLUD- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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