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 12, 2013 |
substituted by s4171b |
Jun 10, 2013 |
ordered to third reading rules cal.155 rules report cal.155 reported |
Jun 05, 2013 |
reported referred to rules |
May 24, 2013 |
print number 7306b |
May 24, 2013 |
amend and recommit to insurance |
May 22, 2013 |
print number 7306a |
May 22, 2013 |
amend and recommit to insurance |
May 10, 2013 |
referred to insurance |
Assembly Bill A7306B
Signed By Governor2013-2014 Legislative Session
Sponsored By
CAHILL
Archive: Last Bill Status Via S4171 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2013-A7306 - Details
2013-A7306 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7306 2013-2014 Regular Sessions I N A S S E M B L Y May 10, 2013 ___________ Introduced by M. of A. CAHILL -- read once and referred 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
2013-A7306A - Details
2013-A7306A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7306--A 2013-2014 Regular Sessions I N A S S E M B L Y May 10, 2013 ___________ Introduced by M. of A. CAHILL -- read once and referred 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 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: (14) 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06624-04-3
2013-A7306B (ACTIVE) - Details
2013-A7306B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7306--B 2013-2014 Regular Sessions I N A S S E M B L Y May 10, 2013 ___________ Introduced by M. of A. CAHILL -- read once and referred to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee 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. LBD06624-06-3
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