Senate Bill S3524

2019-2020 Legislative Session

Relates to prohibitions on rebating and discrimination in rates and payments under insurance policies

download bill text pdf

Sponsored By

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

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2019-S3524 (ACTIVE) - Details

See Assembly Version of this Bill:
A6844
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §4224, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7661
2017-2018: S2302
2021-2022: S3771, A3564
2023-2024: S2795, A3211

2019-S3524 (ACTIVE) - Summary

Relates to prohibitions on rebating and discrimination in rates and payments under insurance policies; provides that certain services shall not be considered to be an inducement or rebate unless the superintendent determines that the offer and sale of such services constituted the sole reason for the purchase of such insurance policy.

2019-S3524 (ACTIVE) - Sponsor Memo

2019-S3524 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3524
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 8, 2019
                                ___________
 
 Introduced  by  Sens. BRESLIN, 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 prohibitions on rebat-
   ing and discrimination
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subsection  (c)  of section 4224 of the insurance law, as
 amended by chapter 496 of the laws  of  2013,  is  amended  to  read  as
 follows:
   (c)  (1)  Except  as  permitted  by section three thousand two hundred
 thirty-nine of this chapter or subsection (f) of this section,  no  such
 life  insurance  company  and  no such savings and insurance bank and no
 officer, agent, solicitor or representative thereof and no such  insurer
 doing in this state the business of accident and health insurance and no
 officer,  agent,  solicitor  or  representative thereof, and no licensed
 insurance broker and no employee or other  representative  of  any  such
 insurer,  agent  or  broker,  shall pay, allow or give, or offer to pay,
 allow or give, directly or indirectly, as an inducement to any person to
 insure, or shall give, sell or purchase,  or  offer  to  give,  sell  or
 purchase,  as such inducement, or interdependent with any policy of life
 insurance or annuity contract or policy of accident  and  health  insur-
 ance,  any  stocks,  bonds,  or  other  securities,  or any dividends or
 profits accruing or to accrue thereon, or any valuable consideration  or
 inducement  whatever not specified in such policy or contract other than
 any valuable consideration, including but not limited to merchandise  or
 periodical  subscriptions,  not  exceeding twenty-five dollars in value;
 nor shall any person in this state knowingly receive as such inducement,
 any rebate of premium or policy fee or any special favor or advantage in
 the dividends or  other  benefits  to  accrue  on  any  such  policy  or
 contract,  or  knowingly  receive  any  paid  employment or contract for

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09663-01-9
              

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