Assembly Bill A6096

2011-2012 Legislative Session

Relates to policy loans on life insurance policies

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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2011-A6096 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3203, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4171
2013-2014: A6350
2015-2016: A6355
2017-2018: A2366
2019-2020: A4536
2021-2022: A3385
2023-2024: A5393

2011-A6096 (ACTIVE) - Summary

Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent, has explained the terms to the policyholder.

2011-A6096 (ACTIVE) - Bill Text download pdf 

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

                                  6096

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 7, 2011
                               ___________

Introduced by M. of A. COOK -- Multi-Sponsored by -- M. of A. DenDEKKER,
  TOWNS -- read once and referred to the Committee on Insurance

AN  ACT  to  amend  the  insurance  law, in relation to requirements for
  making of policy loans

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

  Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur-
ance  law is amended by adding two new subparagraphs (K) and (L) to read
as follows:
  (K) THAT THE AGENT HAS FULLY EXPLAINED ALL OF THE TERMS AND CONDITIONS
TO THE POLICYHOLDER;
  (L) ALL OF THE TERMS AND CONDITIONS OF ANY POLICY  LOAN  SHALL  BE  IN
WRITING  IN  AT  LEAST TEN POINT TYPE AND SHALL BE SIGNED BY THE INSURED
AND THE AGENT OF THE INSURER;
  S 2. This act shall take effect on the sixtieth  day  after  it  shall
have  become  a  law and shall apply to all policies issued, reviewed or
modified on or after such effective date.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02442-01-1

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