Bill Text: NY S06507 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 6507 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6507
                                   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
       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 days from the date on which the information specified
    6  in  subdivision  (d)  of  this  section is transmitted in writing to the
    7  policy owner or certificate holder.] The  policy  owner  or  certificate
    8  holder  shall have the right to rescind the request for such payments at
    9  any time during the process of application for said benefits.
   10    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13611-01-4