Assembly Bill A2026

Signed By Governor
2015-2016 Legislative Session

Relates to waivers for families of victims of terrorist attacks

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Archive: Last Bill Status - 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

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2015-A2026 (ACTIVE) - Details

See Senate Version of this Bill:
S2152
Law Section:
General Obligations Law
Laws Affected:
Amd §5-1708-a, Gen Ob L

2015-A2026 (ACTIVE) - Summary

Relates to waivers for families of victims of terrorist attacks.

2015-A2026 (ACTIVE) - Bill Text download pdf

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

                                  2026

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2015
                               ___________

Introduced  by  M. of A. RYAN -- read once and referred to the Committee
  on Judiciary

AN ACT to amend the general obligations law, in relation to waivers  for
  families of victims of terrorist attacks

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

  Section 1. Section 5-1708-a of the general obligations law,  as  added
by  chapter  568  of  the  laws  of  2003 and subdivision (d) as further
amended by section 104 of part A of chapter 62 of the laws of  2011,  is
amended to read as follows:
  S  5-1708-a.  Waiver  for  families  of  victims of terrorist attacks.
Notwithstanding the provisions of  section  four  thousand  two  hundred
twenty-four of the insurance law:
  (a)  An annuity issuer, or an employee or other representative of such
issuer, shall be permitted to waive or offer to waive the commission  or
other  compensation otherwise payable thereto as a result of the sale of
a policy or contract subject to the provisions of section four  thousand
two  hundred twenty-four of the insurance law to a member of the immedi-
ate family of a person who was a victim of the September  eleventh,  two
thousand  one terrorist attacks against the United States OR ANY TERROR-
IST ATTACK AS DEFINED BY SUBDIVISION (E) OF THIS SECTION; and
  (b) In connection with such waiver, the insurance company may, at  the
election of the policyowner or contract owner:
  (i)  contribute  the amount of such waived commission or other compen-
sation to a charitable  organization  that  meets  the  requirements  of
section  501(c)(3) of the Internal Revenue Code of 1986, as amended, and
is organized for the benefit of families of  victims  of  [such  attack]
TERRORIST ATTACKS; or
  (ii) deduct from the premium an amount equal to such waived commission
or other compensation otherwise payable thereto as a result of the sale.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04959-01-5

              

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