Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to insurance |
Jan 09, 2013 |
referred to insurance |
Assembly Bill A638
2013-2014 Legislative Session
Sponsored By
MILLER
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
2013-A638 (ACTIVE) - Details
2013-A638 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 638 2013-2014 Regular Sessions I N A S S E M B L Y (PREFILED) January 9, 2013 ___________ Introduced by M. of A. MILLER -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to prohibiting retained- asset accounts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3213 of the insurance law is amended to read as follows: S 3213. Payment of proceeds. 1. WHERE THE PROCEEDS OF A POLICY OF LIFE INSURANCE DELIVERED OR ISSUED FOR DELIVERY IN THIS STATE ARE PAYA- BLE, ACCORDING TO ITS TERMS, SUCH PROCEEDS SHALL NOT BE HELD IN A RETAINED-ASSET ACCOUNT HELD BY THE INSURER. FOR PURPOSES OF THIS SECTION A "RETAINED-ASSET ACCOUNT" SHALL MEAN AN ACCOUNT NOT GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FUNDS OF WHICH ARE RETAINED BY THE INSURER, WITH ALL OR A PORTION OF THE INTEREST BEING PAID TO THE INSURER, BUT THE FUNDS OF SUCH ACCOUNT ARE PAYABLE TO THE BENEFICIARY OR BENEFICIARIES BY USE OF A CHECKBOOK. 2. Where the proceeds of a policy of life insurance delivered or issued for delivery in this state are payable, according to its terms, to two or more beneficiaries without designation of their respective interests, the proceeds shall be paid to such beneficiaries in equal portions. S 2. This act shall take effect on the sixtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00928-01-3
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