Bill Text: NY S06463 | 2011-2012 | General Assembly | Introduced

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Bill Title: Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the wireless communications equipment retailer.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2012-12-17 - VETOED MEMO.187 [S06463 Detail]

Download: New_York-2011-S06463-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6463
                                   I N  S E N A T E
                                   February 13, 2012
                                      ___________
       Introduced  by  Sen.  LIBOUS -- 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 disclosures by limited
         licensees which are wireless communications equipment vendors
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subparagraph  (E)  of  paragraph  2  of subsection (e) of
    2  section 2131 of the insurance law, as amended by chapter 368 of the laws
    3  of 2010, is amended to read as follows:
    4    (E) the price, deductible,  benefits,  exclusions  and  conditions  or
    5  other  limitations of such policies, AND, WITH REGARD TO WIRELESS COMMU-
    6  NICATIONS EQUIPMENT POLICIES, DISCLOSE, WHEN A COMMISSION IS PAID  TO  A
    7  RETAIL  REPRESENTATIVE, PROVIDED THAT A COMMISSION IS TO BE SO PAID, AND
    8  NOTWITHSTANDING ANY OTHER PROVISION OF LAW, RULE OR  REGULATION  TO  THE
    9  CONTRARY  REGARDING  PRODUCER  COMPENSATION, THE DISCLOSURES REQUIRED BY
   10  THIS SUBPARAGRAPH SHALL BE DEEMED TO BE IN FULL COMPLIANCE WITH ANY SUCH
   11  LAW, RULE OR REGULATION;
   12    S 2. Section 2131 of the insurance law is amended by  adding  two  new
   13  subsections (m) and (n) to read as follows:
   14    (M)  FOR  PURPOSES  OF THIS SECTION, WITH RESPECT TO INSURANCE OFFERED
   15  AND PROVIDED TO WIRELESS COMMUNICATIONS EQUIPMENT VENDORS,  "COMMISSION"
   16  SHALL  MEAN  THE PROVISION BY A WIRELESS COMMUNICATIONS EQUIPMENT VENDOR
   17  TO A RETAIL REPRESENTATIVE OF MONETARY  REMUNERATION,  WHICH  IS  SOLELY
   18  CONTINGENT  UPON  A CONSUMER'S DECISION TO ENROLL IN A WIRELESS COMMUNI-
   19  CATION EQUIPMENT VENDOR INSURANCE POLICY.
   20    (N) EXCEPT AS OTHERWISE PROVIDED FOR IN THIS SECTION,  THE  PROVISIONS
   21  OF  PART THIRTY OF TITLE ELEVEN OF NEW YORK STATE CODES, RULES AND REGU-
   22  LATIONS, AND ANY OTHER LAW, RULE OR REGULATION REGARDING  DISCLOSURE  OF
   23  PRODUCER  COMPENSATION SHALL NOT APPLY TO WIRELESS COMMUNICATIONS EQUIP-
   24  MENT POLICIES.
   25    S 3. This act shall take effect on the thirtieth day  after  it  shall
   26  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14507-01-2