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Assembly Bill A6355A

2015-2016 Legislative Session

Relates to requirements for making of policy loans

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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Bill Amendments

co-Sponsors

multi-Sponsors

2015-A6355 - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3203, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4171
2011-2012: A6096
2013-2014: A6350
2017-2018: A2366
2019-2020: A4536
2021-2022: A3385
2023-2024: A5393
2025-2026: A6833

2015-A6355 - Summary

Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.

2015-A6355 - Bill Text download pdf 

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

                                  6355

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2015
                               ___________

Introduced  by M. of A. COOK, DenDEKKER -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance  law,  in  relation  to  requirements  for
  making of policy loans

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

  Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur-
ance law is amended by adding two new subparagraphs (K) and (L) to  read
as follows:
  (K) THAT THE AGENT HAS FULLY EXPLAINED ALL OF THE TERMS AND CONDITIONS
TO THE POLICYHOLDER;
  (L)  ALL  OF  THE  TERMS AND CONDITIONS OF ANY POLICY LOAN SHALL BE IN
WRITING IN AT LEAST TEN POINT TYPE AND SHALL BE SIGNED  BY  THE  INSURED
AND THE AGENT OF THE INSURER;
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law and shall apply to all policies  issued,  reviewed  or
modified on or after such effective date.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06990-01-5

co-Sponsors

multi-Sponsors

2015-A6355A (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3203, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4171
2011-2012: A6096
2013-2014: A6350
2017-2018: A2366
2019-2020: A4536
2021-2022: A3385
2023-2024: A5393
2025-2026: A6833

2015-A6355A (ACTIVE) - Summary

Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.

2015-A6355A (ACTIVE) - Bill Text download pdf 

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

                                 6355--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2015
                               ___________

Introduced by M. of A. COOK, DenDEKKER, ORTIZ, ROBINSON, PEOPLES-STOKES,
  HOOPER,  BLAKE  --  Multi-Sponsored  by -- M. of A. HYNDMAN, MOSLEY --
  read once and referred to the Committee on Insurance -- recommitted to
  the Committee on Insurance in accordance with Assembly Rule 3, sec.  2
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the insurance  law,  in  relation  to  requirements  for
  making of policy loans

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

  Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur-
ance law is amended by adding two new subparagraphs (K) and (L) to  read
as follows:
  (K) THAT THE AGENT HAS FULLY EXPLAINED ALL OF THE TERMS AND CONDITIONS
OF THE POLICY LOAN TO THE POLICYHOLDER;
  (L)  ALL  OF  THE  TERMS AND CONDITIONS OF ANY POLICY LOAN SHALL BE IN
WRITING IN AT LEAST TEN POINT TYPE AND SHALL BE SIGNED  BY  THE  INSURED
AND THE AGENT OF THE INSURER;
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law and shall apply to all policies  issued,  reviewed  or
modified on or after such effective date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06990-02-6

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