Senate Bill S3564

2021-2022 Legislative Session

Relates to the approval of policy forms

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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2021-S3564 (ACTIVE) - Details

See Assembly Version of this Bill:
A3408
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3201, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: S5432, A7661
2023-2024: S3543, A4446

2021-S3564 (ACTIVE) - Summary

Describes when policy forms for life insurance products need to be filed and when they are exempt from filing.

2021-S3564 (ACTIVE) - Sponsor Memo

2021-S3564 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3564
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 the approval of policy
   forms
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 6 of subsection (c) of section 3201 of the insur-
 ance  law,  as amended by chapter 341 of the laws of 2006, is amended to
 read as follows:
   (6) [(a) The] (A) EXCEPT AS OTHERWISE PROVIDED FOR IN  SUBSECTION  (E)
 OF THIS SECTION, THE superintendent may disapprove any policy form spec-
 ified  in  paragraph  two  of subsection (b) of this section issued by a
 domestic life insurer or fraternal benefit society for delivery  outside
 the  state  if its issuance would be prejudicial to the interests of its
 policyholders or members.
   [(b)] (B) Except for the policy forms specified in  paragraph  two  of
 subsection  (b) of this section, every domestic life insurer and frater-
 nal benefit society shall file annually with the superintendent  a  list
 identifying  and  describing  the  policy forms issued by the insurer or
 fraternal benefit society for delivery  outside  the  state  in  a  form
 prescribed  by the superintendent. If the superintendent determines that
 the issuance of a policy form has been or  may  be  prejudicial  to  the
 interests  of  policyholders or members, the superintendent may take any
 action he or she deems appropriate, including issuing an order, after  a
 hearing, to cease and desist issuing the policy form.
   (C)  ANY INSURER OR FRATERNAL BENEFIT SOCIETY WHO SHALL ISSUE A POLICY
 FORM WHICH SHALL BE EXEMPT FROM THE FILING AND APPROVAL REQUIREMENTS  OF
 PARAGRAPHS  ONE  AND  TWO  OF SUBSECTION (B) OF THIS SECTION, SHALL FILE
 ANNUALLY WITH THE SUPERINTENDENT A LIST IDENTIFYING AND DESCRIBING  SUCH
 POLICY  FORMS  IN  A MANNER PRESCRIBED BY THE SUPERINTENDENT PURSUANT TO
 PARAGRAPH ONE OF SUBSECTION (E) OF THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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