Bill Text: NY A07708 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 7708 (Prior Session Legislation)

Bill Title: Relates to life insurance policies that credit additional amounts in accordance with an equity index; imposes additional requirements on such policies including notice provisions.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2012-05-31 - print number 7708a [A07708 Detail]

Download: New_York-2011-A07708-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7708
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 16, 2011
                                      ___________
       Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
         tee on Insurance
       AN ACT to amend the insurance law, in relation to life  insurance  poli-
         cies that credit additional amounts in accordance with an equity index
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 14 of subsection  (a)  of  section  3203  of  the
    2  insurance law is amended to read as follows:
    3    (14)  in any policy under which additional amounts may be credited for
    4  any period pursuant to subsection  (b)  of  section  four  thousand  two
    5  hundred  thirty-two  of this chapter, that states that the insurer shall
    6  credit any such amount no less  frequently  than  annually  during  such
    7  period,  PROVIDED  THAT  ANY  POLICY  THAT CREDITS ADDITIONAL AMOUNTS IN
    8  ACCORDANCE WITH AN EQUITY INDEX SHALL STATE THAT THE INSURER SHALL CRED-
    9  IT ANY SUCH AMOUNT NO LESS FREQUENTLY THAN EVERY FIVE YEARS.
   10    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10037-01-1