Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to insurance |
Mar 11, 2011 |
referred to insurance |
Assembly Bill A6279
2011-2012 Legislative Session
Sponsored By
LANCMAN
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
Actions
2011-A6279 (ACTIVE) - Details
2011-A6279 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6279 2011-2012 Regular Sessions I N A S S E M B L Y March 11, 2011 ___________ Introduced by M. of A. LANCMAN -- read once and referred to the Commit- tee on Insurance AN ACT to amend the insurance law, in relation to accelerated payment of the death benefit rider under a life insurance policy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3230 of the insurance law is amended by adding a new subsection (h) to read as follows: (H)(1) AN INSURED WHO HOLDS AN ACCELERATED PAYMENT RIDER SHALL BE ENTITLED TO AN ACCELERATED PAYMENT OF A DEATH BENEFIT IF IT IS SHOWN THAT SUCH INSURED HAS MET ONE OF THE CONDITIONS STATED IN SUBPARAGRAPH (C), (D) OR (E) OF PARAGRAPH ONE OF SUBSECTION (A) OF SECTION ONE THOU- SAND ONE HUNDRED THIRTEEN OF THIS CHAPTER. (2) THE AMOUNT OF THE BENEFIT TO WHICH THE INSURED IS ENTITLED SHALL BE DETERMINED IN AN ACTUARIALLY APPROPRIATE MANNER BY CONSIDERING THE LENGTH THE POLICY HAS BEEN IN EFFECT, THE AMOUNT THAT HAS BEEN PAID UPON THE POLICY, THE CASH VALUE OF THE POLICY, AND THE AMOUNT OF THE DEATH BENEFIT. (3) THE SUPERINTENDENT SHALL ESTABLISH, THROUGH GUIDELINES, AN ACTUAR- IALLY APPROPRIATE METHOD FOR CALCULATING THE AMOUNT OF BENEFIT TO WHICH AN INSURED HOLDING AN ACCELERATED BENEFIT RIDER SHALL BE ENTITLED. THE SUPERINTENDENT SHALL ALSO ESTABLISH A MINIMUM LENGTH OF TIME FOR WHICH THE POLICY HAD TO HAVE BEEN IN EFFECT IN ORDER FOR THE POLICY HOLDER TO RECEIVE A BENEFIT PURSUANT TO THIS SUBSECTION. (4) IF A POLICY HOLDER HAS PAID A MINIMUM OF TWO HUNDRED FIFTY THOU- SAND DOLLARS OF A DEATH BENEFIT FOR LONG-TERM CARE SERVICES, THEN ANY BENEFIT RECEIVED PURSUANT TO THIS SUBSECTION SHALL NOT BE CONSIDERED AN ASSET FOR PURPOSES OF MEDICAL ASSISTANCE ELIGIBILITY PURSUANT TO TITLE ELEVEN OF ARTICLE FIVE OF THE SOCIAL SERVICES LAW. (5) EVERY INSURER PROVIDING LIFE INSURANCE IN THIS STATE SHALL OFFER A RIDER ENTITLING THE INSURED TO ACCELERATED PAYMENT OF A DEATH BENEFIT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04449-02-1
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