Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 04, 2012 |
referred to insurance |
Jun 01, 2011 |
referred to insurance |
Senate Bill S5543
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Insurance 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-S5543 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3208, Ins L; amd §3450, Pub Health L
2011-S5543 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5543 TITLE OF BILL: An act to amend the insurance law and the public health law, in relation to payment of commissions for funeral directing PURPOSE: This legislation authorizes insurers to pay commissions to certain licensed insurance agents on the sale of certain life insurance policies. SUMMARY OF PROVISIONS: Section 1 of the legislation amends section 3208 of the insurance law to allow insurers to pay commissions to certain licensed insurance agents on the sale of certain life insurance policies. Section 2 of the legislation amends section 3450 of the public health law to prohibit suspension or revocation of a funeral director's license for accepting a commission, as a licensed insurance agent, for the sale of certain life insurance policies. Section 3 of the legislation is the effective date. JUSTIFICATION: In virtually all states except New York, consumers have two choices
2011-S5543 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5543 2011-2012 Regular Sessions I N S E N A T E June 1, 2011 ___________ Introduced by Sen. FLANAGAN -- 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 public health law, in relation to payment of commissions for funeral directing THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subsection (d) of section 3208 of the insur- ance law, as amended by chapter 557 of the laws of 2001, is amended to read as follows: (2) pay any such benefit or any part thereof to any funeral director or funeral directing concern or other person engaged in such trade or business or to any official or designated group of them, without the consent of the person or persons entitled to such benefits, or to pay any commission or other consideration to any funeral director or funeral directing concern or employee thereof THAT IS NOT LICENSED PURSUANT TO ARTICLE TWENTY-ONE OF THIS CHAPTER to induce such person to sell or offer to sell any contract or policy of insurance designated or marketed as payable for funeral or burial expenses upon the death of the insured; or S 2. Paragraph (l) of subdivision 1 of section 3450 of the public health law, as amended by chapter 557 of the laws of 2001, is amended to read as follows: (l) has paid, given, has caused to be paid or given or offered to pay or to give to any person a commission or other valuable consideration for the solicitation or procurement, either directly or indirectly, of funeral patronage, or has accepted any consideration (including without limitation a commission, rebate, or discount or direct or indirect price reduction on merchandise from the current value thereof) from any finan- cial institution or trust company, or agent thereof, with whom the funeral director deposits funds paid for funeral services in advance of need pursuant to subdivision one of section four hundred fifty-three of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11010-01-1
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