Assembly Bill A3385

2021-2022 Legislative Session

Relates to requirements for making of policy loans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A3385 (ACTIVE) - Details

See Senate Version of this Bill:
S5698
Current Committee:
Assembly 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
2015-2016: A6355
2017-2018: A2366
2019-2020: A4536, S5310
2023-2024: A5393, S2596

2021-A3385 (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.

2021-A3385 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3385
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced by M. of A. COOK, PEOPLES-STOKES, GOTTFRIED, HYNDMAN, TAYLOR,
   SAYEGH,  WILLIAMS,  STECK,  NIOU  --  Multi-Sponsored  by  -- M. of A.
   BUTTENSCHON, DAVILA, GRIFFIN, SIMON -- 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
 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;
   § 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.
                                                            LBD07689-01-1

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