Bill Text: NY A09154 | 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 (Democrat 3-0)
Status: (Passed) 2014-11-21 - signed chap.448 [A09154 Detail]
Download: New_York-2013-A09154-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
9154--A
I N A S S E M B L Y
March 24, 2014
___________
Introduced by M. of A. CYMBROWITZ, SKOUFIS -- read once and referred 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.
LBD13611-02-4
