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: (Passed) 2019-11-08 - SIGNED CHAP.468 [S03637 Detail]
Download: New_York-2019-S03637-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3637 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-6ing the request where the insurer contracts with another entity to main-7tain 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. LBD05109-01-9