Bill Text: NY S07167 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Enacts the life insurance market revitalization act; assists in the promotion of life and disability insurance to provide citizens with the tools to protect their own financial futures; and to encourage financial literacy.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-04-05 - REFERRED TO INSURANCE [S07167 Detail]

Download: New_York-2015-S07167-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          7167
                    IN SENATE
                                      April 5, 2016
                                       ___________
        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 and the  financial  services  law,  in
          relation  to the establishment of a state insurance advisory board and
          assessments for the funding of the department (Part A); to  amend  the
          insurance  law,  in relation to the establishment of an administrative
          procedure for guidance, regulations, inquiries and examinations by the
          department (Part B); to amend the insurance law, in relation to policy
          form filing procedures (Part  C);  to  amend  the  insurance  law,  in
          relation  to  direct response marketing of life insurance (Part D); to
          amend the insurance law, in relation to the valuation of  life  insur-
          ance  policies and contracts (Part E); and to amend the education law,
          in relation to requiring  secondary  school  students  to  complete  a
          financial literacy and personal finances course (Part F)
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. This act shall be known and  may  be  cited  as  the  "Life
     2  Insurance Market Revitalization Act".
     3    §  2.  Legislative findings and intent. The legislature finds that the
     4  products offered to the people of this state by life insurance companies
     5  offer important financial protection to those people in crucial times of
     6  need. Life insurance  policies  provide  families  and  businesses  with
     7  important  financial  protection  that  allows  them to carry on after a
     8  personal loss. Annuities provide people with regular income  in  retire-
     9  ment. Disability income insurance protects people from a loss of some or
    10  all  of  their  income resultant from an accident or infirmity that keep
    11  them from work. The  benefits  derived  from  these  types  of  products
    12  provide  the  citizens  of  this  state with vital financial proceeds in
    13  times of need. This protection allows them to  continue  to  meet  their
    14  financial  obligations, such as keeping up on rent or mortgage payments,
    15  paying for a family member's education or paying for daily  expenses  in
    16  retirement,  following a personal loss, an illness or accident or a loss
    17  of employment income. Despite their importance, these types of insurance
    18  products are not required as a matter of law or policy, as is  the  case
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14705-02-6