Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to insurance |
Feb 14, 2017 |
referred to insurance |
Senate Bill S4410
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Insurance 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
Actions
2017-S4410 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3203, Ins L
- Versions Introduced in 2015-2016 Legislative Session:
-
S6902
2017-S4410 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4410 TITLE OF BILL : An act to amend the insurance law, in relation to certain life insurance policies and annuities contracts PURPOSE : To require insurers to specify either calendar days or business days in certain policies. SUMMARY OF PROVISIONS : Section 1 of this bill amends subsection (a) of section 3203 of the insurance law by adding a new paragraph 18, which states that any insurer who issues a replacement life insurance policy or annuity contract shall provide to the policy or contract owner the right to return the policy or contract within sixty days from the date of delivery of such policy or contract and receive an unconditional full refund of all premiums or considerations paid on it. It further states that the insurer shall specify whether the term "days" refers to calendar days as defined in section 19 of the general construction law and as computed by section 20 of the general construction law or business days and where such term is not specified, the term "days" shall mean business days, Monday through Friday of any given week. Section 2 of this bill states that the superintendent of financial
2017-S4410 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4410 2017-2018 Regular Sessions I N S E N A T E February 14, 2017 ___________ Introduced by Sen. AVELLA -- 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 certain life insurance policies and annuities contracts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 3203 of the insurance law is amended by adding a new paragraph 18 to read as follows: (18) ANY INSURER WHO ISSUES A REPLACEMENT LIFE INSURANCE POLICY OR ANNUITY CONTRACT SHALL PROVIDE TO THE POLICY OR CONTRACT OWNER THE RIGHT TO RETURN THE POLICY OR CONTRACT WITHIN SIXTY DAYS FROM THE DATE OF DELIVERY OF SUCH POLICY OR CONTRACT AND RECEIVE AN UNCONDITIONAL FULL REFUND OF ALL PREMIUMS OR CONSIDERATIONS PAID ON IT. THE INSURER SHALL SPECIFY WHETHER THE TERM "DAYS" REFERS TO CALENDAR DAYS AS DEFINED IN SECTION NINETEEN OF THE GENERAL CONSTRUCTION LAW AND AS COMPUTED BY SECTION TWENTY OF THE GENERAL CONSTRUCTION LAW OR BUSINESS DAYS, MONDAY THROUGH FRIDAY OF ANY GIVEN WEEK. WHERE SUCH TERM IS NOT SPECIFIED, THE TERM "DAYS" SHALL MEAN BUSINESS DAYS, MONDAY THROUGH FRIDAY OF ANY GIVEN WEEK. § 2. The superintendent of financial services shall promulgate any and all rules or regulations and take any other measures necessary to imple- ment this act on its effective date on or before such date. § 3. This act shall take effect on the one hundred twentieth day after it shall have become a law and shall apply to all insurance policies, contracts and plans issued, renewed, modified, altered or amended on or after such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01222-01-7
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