Bill Text: NY S03637 | 2019-2020 | General Assembly | Introduced

Bill Title: Amends certain time frames for action by insurers relating to requests for unclaimed life insurance through the lost policy finder.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2019-03-14 - referred to insurance [S03637 Detail]

Download: New_York-2019-S03637-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 11, 2019
        Introduced  by  Sens. BRESLIN, SEWARD -- 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 unclaimed life  insur-
          ance benefits
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The opening paragraph of paragraph 4 of subsection  (h)  of
     2  section  3240 of the insurance law, as amended by chapter 10 of the laws
     3  of 2013, is amended to read as follows:
     4    Within [thirty] sixty days of  receiving  the  request  referenced  in
     5  paragraph  two of this subsection[, or within forty-five days of receiv-
     6  ing the request where the insurer contracts with another entity to main-
     7  tain the insurer's records,] the insurer shall:
     8    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.