Bill Text: NY S06507 | 2013-2014 | General Assembly | Amended
Bill Title: Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-06-20 - SUBSTITUTED BY A9154A [S06507 Detail]
Download: New_York-2013-S06507-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6507--A I N S E N A T E January 31, 2014 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to accelerated death benefits under a life insurance policy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subsection (c) of section 3230 of the insurance law, as 2 added by chapter 428 of the laws of 1991, is amended to read as follows: 3 (c) Insurers are prohibited from paying accelerated death benefits or 4 special surrender values to the policy owner or certificate holder for a 5 period of [fourteen] FIVE days from the date on which the information 6 specified in subdivision (d) of this section is transmitted in writing 7 to the policy owner or certificate holder. The policy owner or certif- 8 icate holder shall have the right to rescind the request for such 9 payments at any time during the process of application for said bene- 10 fits. 11 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13611-03-4