Senate Bill S1672

2015-2016 Legislative Session

Relates to life, accident and health insurance; discrimination and rebating; prohibited inducements and independent sales

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Archive: Last Bill Status - In Assembly Committee


  • 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

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2015-S1672 (ACTIVE) - Details

See Assembly Version of this Bill:
A666
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4224, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7299, A10006
2017-2018: S4546, A1711
2019-2020: S3624
2021-2022: S4058
2023-2024: S3555

2015-S1672 (ACTIVE) - Summary

Relates to life, accident and health insurance; relates to discrimination and rebating; also relates to prohibited inducements and independent sales.

2015-S1672 (ACTIVE) - Sponsor Memo

2015-S1672 (ACTIVE) - Bill Text download pdf

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

                                  1672

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 13, 2015
                               ___________

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 NINETEEN OF THIS
CHAPTER,  IF  SUCH SERVICES ARE PROVIDED IN A FAIR AND NONDISCRIMINATORY
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 ONE OF THIS CHAP-
TER 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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04648-01-5

              

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