Assembly Bill A2366

2017-2018 Legislative Session

Relates to requirements for making of policy loans

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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2017-A2366 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3203, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4171
2011-2012: A6096
2013-2014: A6350
2015-2016: A6355
2019-2020: A4536
2021-2022: A3385
2023-2024: A5393

2017-A2366 (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.

2017-A2366 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2366
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 18, 2017
                                ___________
 
 Introduced  by  M. of A. COOK, DenDEKKER, ORTIZ, PEOPLES-STOKES, HOOPER,
   BLAKE -- Multi-Sponsored by -- M. of A. HYNDMAN, MOSLEY, SIMON -- 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
 OF THE POLICY LOAN 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;
   §  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.
                                                            LBD05645-01-7

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