Senate Bill S2656

2023-2024 Legislative Session

Provides for limited death benefit life insurance policies for persons aged 60 and over

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Consumer Protection 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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2023-S2656 (ACTIVE) - Details

See Assembly Version of this Bill:
A5964
Current Committee:
Senate Consumer Protection
Law Section:
General Business Law
Laws Affected:
Add Art 30-C §647, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6276
2011-2012: A6804
2013-2014: A5600
2015-2016: A3399
2017-2018: A2074
2019-2020: S5311, A4351
2021-2022: S5705, A4461

2023-S2656 (ACTIVE) - Summary

Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires an insurer to provide consumers with a prescribed "Financial Review of Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.

2023-S2656 (ACTIVE) - Sponsor Memo

2023-S2656 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2656
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Consumer Protection
 
 AN ACT to amend the general business law, in relation to  limited  death
   benefit life insurance policies for persons aged sixty and over
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new article
 30-C to read as follows:
                               ARTICLE 30-C
                 FINANCIAL REVIEW REQUIREMENT FOR LIMITED
                 DEATH BENEFIT LIFE INSURANCE POLICIES FOR
                        PERSONS AGED SIXTY AND OVER
 SECTION 647. FINANCIAL REVIEW OF POLICY.
   § 647. FINANCIAL REVIEW OF POLICY. 1. WHENEVER A LIFE INSURANCE POLICY
 OR CERTIFICATE OF INSURANCE IS DELIVERED OR ISSUED FOR DELIVERY IN  THIS
 STATE TO AN APPLICANT AT AGE SIXTY AND OVER, WHICH LIMITS DEATH BENEFITS
 DURING  A PERIOD FOLLOWING THE INCEPTION DATE OF THE POLICY OR WHERE THE
 ACCUMULATED PREMIUMS EXCEED THE DEATH BENEFIT AT ANY  POINT  DURING  THE
 FIRST  TEN YEARS, THE INSURER SHALL PROVIDE THE INSURED WITH A COPY OF A
 "FINANCIAL REVIEW OF POLICY" FORM OF AT LEAST TEN POINT  IN  SIZE.  SUCH
 FORM  SHALL  USE  SUBSTANTIALLY  THE  SAME  FORMAT AND TERMINOLOGY SHOWN
 BELOW, AND SHALL HAVE COMPLETE INFORMATION  PROVIDED  FOR  ANY  AND  ALL
 BLANK SPACE.
                        FINANCIAL REVIEW OF POLICY
       NOTICE:  YOU  SHOULD  REVIEW  THIS  FORM AND YOUR POLICY AND
       DECIDE IF THE POLICY IS SUITABLE FOR YOU.  IF  YOU  ARE  NOT
       ENTIRELY  SATISFIED, PURSUANT TO NEW YORK STATE LAW, YOU MAY
       RETURN THE POLICY WITHIN  THIRTY  DAYS  FROM  THE  DATE  YOU
       RECEIVE  IT  AND  OBTAIN A FULL REFUND OF ANY PREMIUMS PAID.
       THIS IS A POLICY OFFERED  WITHOUT  AN  ATTEMPT  TO  CLASSIFY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04349-01-3
 S. 2656                             2
              

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