senate Bill S5668A

Signed By Governor
2021-2022 Legislative Session

Improves insurance consumer servicing options

download bill text pdf

Sponsored By

Current Bill Status Via A7701 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 16, 2021 signed chap.266
Jul 12, 2021 delivered to governor
Jun 03, 2021 returned to assembly
passed senate
3rd reading cal.1162
substituted for s5668a
Jun 03, 2021 substituted by a7701
May 24, 2021 advanced to third reading
May 20, 2021 2nd report cal.
May 18, 2021 1st report cal.1162
May 11, 2021 print number 5668a
May 11, 2021 amend (t) and recommit to insurance
Mar 15, 2021 referred to insurance

S5668 - Details

See Assembly Version of this Bill:
A7701
Law Section:
Insurance Law
Laws Affected:
Amd §§1101 & 1105, Ins L

S5668 - Summary

Improves insurance consumer servicing options; modernizes the methods of consumer servicing that unauthorized insurers are permitted to use, including servicing by telephone, video call, facsimile, web portal, electronic transfer of funds and other methods approved by the superintendent of financial services.

S5668 - Sponsor Memo

S5668 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5668
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 15, 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  improving  insurance
   consumer servicing options for New York residents
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (b) of section 1101  of  the  insurance  law  is
 amended by adding a new paragraph 9 to read as follows:
   (9)  NOTWITHSTANDING  THE  FOREGOING, WITH RESPECT TO THE TRANSACTIONS
 DESCRIBED IN SUBPARAGRAPHS (B), (D) AND (E) OF  PARAGRAPH  TWO  OF  THIS
 SUBSECTION, SUCH TRANSACTIONS, IF EFFECTED FROM OUTSIDE THIS STATE BY AN
 UNAUTHORIZED  FOREIGN  OR  ALIEN  INSURER  DULY LICENSED TO TRANSACT THE
 BUSINESS OF INSURANCE IN AND BY THE LAWS OF ITS DOMICILE OR  ANY  PERSON
 OR  ENTITY ACTING ON ITS BEHALF, OR FROM WITHIN OR OUTSIDE OF THIS STATE
 BY AN AUTHORIZED INSURER ON BEHALF OF SUCH UNAUTHORIZED FOREIGN OR ALIEN
 INSURER, IN EITHER CASE, IN-PERSON OR BY MAIL, TELEPHONE, WEB PORTAL, OR
 ANY OTHER ELECTRONIC MEANS, SHALL  NOT  CONSTITUTE  DOING  AN  INSURANCE
 BUSINESS  IN  THIS  STATE  BY SUCH UNAUTHORIZED FOREIGN OR ALIEN INSURER
 AND, IF APPLICABLE, SUCH AUTHORIZED INSURER. NOTHING IN  THIS  PARAGRAPH
 SHALL  BE CONSTRUED TO PERMIT ANY UNAUTHORIZED FOREIGN OR ALIEN INSURER,
 OR ANY PERSON OR ENTITY ACTING ON ITS BEHALF, TO SELL, SOLICIT,  NEGOTI-
 ATE, DELIVER OR ISSUE FOR DELIVERY IN THIS STATE ANY INSURANCE POLICY OR
 CONTRACT.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10447-01-1


S5668A (ACTIVE) - Details

See Assembly Version of this Bill:
A7701
Law Section:
Insurance Law
Laws Affected:
Amd §§1101 & 1105, Ins L

S5668A (ACTIVE) - Summary

Improves insurance consumer servicing options; modernizes the methods of consumer servicing that unauthorized insurers are permitted to use, including servicing by telephone, video call, facsimile, web portal, electronic transfer of funds and other methods approved by the superintendent of financial services.

S5668A (ACTIVE) - Sponsor Memo

S5668A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5668--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 15, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed 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 improving insurance
   consumer servicing options

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (C)  of  paragraph  2  of subsection (b) of
 section 1101 of the insurance law is amended to read as follows:
   (C) transactions involving the continuance or  servicing  of  life  or
 accident  and  health  insurance  policies or annuity contracts lawfully
 issued or delivered in this state by an authorized insurer and occurring
 subsequent to the termination of  such  insurer's  authority  to  do  an
 insurance  business  in  this  state. NOTWITHSTANDING THE FOREGOING, THE
 SUPERINTENDENT'S APPROVAL GRANTED PURSUANT TO SECTION ONE  THOUSAND  ONE
 HUNDRED  FIVE  OF  THIS ARTICLE MAY AUTHORIZE TRANSACTIONS INVOLVING THE
 CONTINUANCE OR SERVICING OF LIFE INSURANCE POLICIES OR ANNUITY CONTRACTS
 TO BE EFFECTED FROM OUTSIDE THIS STATE BY TELEPHONE, VIDEO CALL, FACSIM-
 ILE, WEB PORTAL, ELECTRONIC TRANSFER OF FUNDS, OR BY ANY OTHER ELECTRON-
 IC MEANS APPROVED BY THE SUPERINTENDENT, PROVIDED THAT THE INSURER SHALL
 NOT HAVE ANY OTHER CONTACT OR INTERACTION WITH A PERSON  IN  THIS  STATE
 OTHER THAN AS SPECIFIED AND IN THE MANNER PROVIDED IN THIS PARAGRAPH;
   § 2. Subparagraph (D) of paragraph 2 of subsection (b) of section 1101
 of the insurance law is amended to read as follows:
   (D)  transactions  with  respect  to  policies  or  annuity  contracts
 lawfully issued without this state occurring subsequent to issue, if, at
 the time of issue, such policies or contracts covered subjects of insur-
 ance or risks not resident or located in this  state.    NOTWITHSTANDING
 THE FOREGOING, TRANSACTIONS DESCRIBED IN THIS SUBPARAGRAPH INVOLVING THE
 CONTINUANCE OR SERVICING OF LIFE INSURANCE POLICIES OR ANNUITY CONTRACTS
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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