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