Assembly Bill A6276

2009-2010 Legislative Session

Provides for limited death benefit life insurance policies for persons aged 60 and over

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A6276 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
General Business Law
Laws Affected:
Add ยง641, Gen Bus L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6804
2013-2014: A5600
2015-2016: A3399
2017-2018: A2074
2019-2020: A4351
2021-2022: A4461
2023-2024: A5964

2009-A6276 (ACTIVE) - Summary

Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires insurers to provide consumers with a prescribed "Financial Review Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.

2009-A6276 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6276

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 27, 2009
                               ___________

Introduced  by  M.  of  A. COOK, GREENE, GOTTFRIED, JACOBS, ZEBROWSKI --
  Multi-Sponsored by -- M.  of A. BOYLAND, PHEFFER, TOWNS --  read  once
  and referred to the Committee on Insurance

AN  ACT  to amend the general business law, in relation to limited death
  benefit life insurance policies for persons aged sixty and over

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The general business law is amended by adding a new section
641 to read as follows:
  S 641. FINANCIAL REVIEW OF POLICY. 1. WHENEVER A LIFE INSURANCE POLICY
OR  CERTIFICATE OF INSURANCE IS DELIVERED OR ISSUED FOR DELIVERY IN THIS
STATE TO AN APPLICANT AT AGE SIXTY AND OVER, WHICH LIMITS DEATH BENEFITS
DURING A PERIOD FOLLOWING THE INCEPTION DATE OF THE POLICY OR WHERE  THE
ACCUMULATED  PREMIUMS  EXCEED  THE DEATH BENEFIT AT ANY POINT DURING THE
FIRST TEN YEARS, THE INSURER SHALL PROVIDE THE INSURED WITH A COPY OF  A
"FINANCIAL  REVIEW  OF  POLICY" FORM OF AT LEAST TEN POINT IN SIZE. SUCH
FORM SHALL USE SUBSTANTIALLY  THE  SAME  FORMAT  AND  TERMINOLOGY  SHOWN
BELOW,  AND  SHALL  HAVE  COMPLETE  INFORMATION PROVIDED FOR ANY AND ALL
BLANK SPACE.
                       FINANCIAL REVIEW OF POLICY
      NOTICE: YOU SHOULD REVIEW THIS  FORM  AND  YOUR  POLICY  AND
      DECIDE  IF  THE  POLICY  IS SUITABLE FOR YOU. IF YOU ARE NOT
      ENTIRELY SATISFIED, PURSUANT TO NEW YORK STATE LAW, YOU  MAY
      RETURN  THE  POLICY  WITHIN  THIRTY  DAYS  FROM THE DATE YOU
      RECEIVE IT AND OBTAIN A FULL REFUND OF  ANY  PREMIUMS  PAID.
      THIS  IS  A  POLICY  OFFERED  WITHOUT AN ATTEMPT TO CLASSIFY
      RISKS BY DETERMINING YOUR STATE OF HEALTH. PREMIUMS MAY HAVE
      BEEN LOWER IF HEALTH INFORMATION HAD BEEN OBTAINED.
      APPLICANT INFORMATION:
      NAME:                       AGE:        SEX:
(1)         (2)       (3)           (4)         (5)

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01278-01-9
              

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