Do you support this bill?

Assembly Bill A6833

2025-2026 Legislative Session

Relates to requirements for making of policy loans

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

co-Sponsors

multi-Sponsors

2025-A6833 (ACTIVE) - Details

See Senate Version of this Bill:
S3862
Current Committee:
Senate 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
2021-2022: A3385, S5698
2023-2024: A5393, S2596

2025-A6833 (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.

2025-A6833 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6833
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 14, 2025
                                ___________
 
 Introduced  by  M.  of A. COOK, PEOPLES-STOKES, HYNDMAN, TAYLOR, SAYEGH,
   WILLIAMS, STECK -- Multi-Sponsored by -- M. of A. BUTTENSCHON, DAVILA,
   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.
                                                            LBD05377-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.