Assembly Bill A7584

Signed By Governor
2017-2018 Legislative Session

Relates to accelerated life insurance payments for certain chronic conditions; repealer

download bill text pdf

Sponsored By

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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Votes

Bill Amendments

co-Sponsors

2017-A7584 - Details

See Senate Version of this Bill:
S2114
Law Section:
Insurance Law
Laws Affected:
Amd §1113, Ins L

2017-A7584 - Summary

Relates to accelerated life insurance payments for certain chronic conditions.

2017-A7584 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7584
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2017
                                ___________
 
 Introduced by M. of A. CRESPO -- read once and referred to the Committee
   on Insurance
 
 AN  ACT  to  amend  the  insurance  law, in relation to accelerated life
   insurance payments for certain chronic conditions
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. Subparagraphs (C) and (D) of paragraph 1 of subsection (a)
 of section 1113 of the insurance law, as amended by chapter 465  of  the
 laws of 2014, are amended to read as follows:
   (C)  certification  by  a  licensed  health  care practitioner [of any
 condition which requires  continuous  care  for  the  remainder  of  the
 insured's  life  in an eligible facility or at home] when the insured is
 chronically ill FOR A PERIOD OF AT  LEAST  NINETY  DAYS  as  defined  by
 Section 7702(B) of the Internal Revenue Code and regulations thereunder,
 [provided  the  accelerated  payments qualify under Section 101(g)(3) of
 the Internal Revenue Code and all other applicable sections  of  federal
 law in order to maintain favorable tax treatment,]
   (D)  certification  by  a  licensed  health care practitioner that the
 insured is chronically ill FOR A PERIOD  OF  AT  LEAST  NINETY  DAYS  as
 defined by Section 7702 (B) of the Internal Revenue Code and regulations
 thereunder,  [provided  the  accelerated  payments qualify under Section
 101(g)(3) of the Internal Revenue Code and all other applicable sections
 of federal law in order to maintain favorable  tax  treatment]  and  the
 insurer  that issues such policy is a qualified long term care insurance
 carrier under Section 4980c of the Internal Revenue Code  or  provide  a
 special  surrender  value,  upon  total  and permanent disability of the
 insured, and optional modes of settlement of proceeds,
   § 2. This act shall take effect immediately.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06791-01-7

co-Sponsors

2017-A7584A - Details

See Senate Version of this Bill:
S2114
Law Section:
Insurance Law
Laws Affected:
Amd §1113, Ins L

2017-A7584A - Summary

Relates to accelerated life insurance payments for certain chronic conditions.

2017-A7584A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7584--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2017
                                ___________
 
 Introduced by M. of A. CRESPO, McDONALD, STECK -- 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  principle  based
   reserves;  and  repealing subsection (g) of section 3730 of the insur-
   ance law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  (1)   of subsection (a) of section 1113 of the
 insurance law, as amended by chapter 465 of the laws of 2014, is amended
 to read as follows:
   (1) "Life Insurance," means every insurance upon the  lives  of  human
 beings, and every insurance appertaining thereto, including the granting
 of  endowment  benefits,  additional  benefits  in the event of death by
 accident, additional benefits to  safeguard  the  contract  from  lapse,
 accelerated  payments  of  part or all of the death benefit or a special
 surrender value upon (A) diagnosis of terminal illness defined as a life
 expectancy of twelve months or less, (B) diagnosis of a  medical  condi-
 tion  requiring  extraordinary  medical  care or treatment regardless of
 life expectancy, (C) certification by a licensed health care practition-
 er of any condition which requires continuous care for the remainder  of
 the  insured's  life in an eligible facility or at home when the insured
 is chronically ill as defined by Section 7702(B) of the Internal Revenue
 Code and regulations thereunder, provided the accelerated payments qual-
 ify under Section 101(g)(3) of the Internal Revenue Code and  all  other
 applicable  sections  of  federal law in order to maintain favorable tax
 treatment, (D) certification by a licensed health care practitioner that
 the insured is chronically ill as defined by Section  7702  (B)  of  the
 Internal  Revenue Code and regulations thereunder, provided the acceler-
 ated payments qualify under Section 101(g)(3) of  the  Internal  Revenue
 Code  and all other applicable sections of federal law in order to main-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

co-Sponsors

2017-A7584B (ACTIVE) - Details

See Senate Version of this Bill:
S2114
Law Section:
Insurance Law
Laws Affected:
Amd §1113, Ins L

2017-A7584B (ACTIVE) - Summary

Relates to accelerated life insurance payments for certain chronic conditions.

2017-A7584B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7584--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 3, 2017
                                ___________
 
 Introduced by M. of A. CRESPO, McDONALD, STECK -- 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  accelerated  life
   insurance  payments  for  certain  chronic  conditions;  and repealing
   subsection (g) of section 3230 of the insurance law relating thereto
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subsection (a) of section 1113 of the insur-
 ance  law,  as amended by chapter 465 of the laws of 2014, is amended to
 read as follows:
   (1) "Life Insurance," means every insurance upon the  lives  of  human
 beings, and every insurance appertaining thereto, including the granting
 of  endowment  benefits,  additional  benefits  in the event of death by
 accident, additional benefits to  safeguard  the  contract  from  lapse,
 accelerated  payments  of  part or all of the death benefit or a special
 surrender value upon (A) diagnosis of terminal illness defined as a life
 expectancy of twelve months or less, (B) diagnosis of a  medical  condi-
 tion  requiring  extraordinary  medical  care or treatment regardless of
 life expectancy, (C) certification by a licensed health care practition-
 er of any condition which requires continuous care for the remainder  of
 the  insured's  life in an eligible facility or at home when the insured
 is chronically ill as defined by Section 7702(B) of the Internal Revenue
 Code and regulations thereunder, provided the accelerated payments qual-
 ify under Section 101(g)(3) of the Internal Revenue Code and  all  other
 applicable  sections  of  federal law in order to maintain favorable tax
 treatment, (D) certification by a licensed health care practitioner that
 the insured is chronically ill as defined by Section  7702  (B)  of  the
 Internal  Revenue Code and regulations thereunder, provided the acceler-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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