§ 5-1708-a. Waiver for families of victims of terrorist attacks.
Notwithstanding the provisions of section four thousand two hundred
twenty-four of the insurance law:

(a) An annuity issuer, or an employee or other representative of such
issuer, shall be permitted to waive or offer to waive the commission or
other compensation otherwise payable thereto as a result of the sale of
a policy or contract subject to the provisions of section four thousand
two hundred twenty-four of the insurance law to a member of the
immediate family of a person who was a victim of the September eleventh,
two thousand one terrorist attacks against the United States or any
terrorist attack as defined by subdivision (e) of this section; and

(b) In connection with such waiver, the insurance company may, at the
election of the policyowner or contract owner:

(i) contribute the amount of such waived commission or other
compensation to a charitable organization that meets the requirements of
section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and
is organized for the benefit of families of victims of terrorist
attacks; or

(ii) deduct from the premium an amount equal to such waived commission
or other compensation otherwise payable thereto as a result of the sale.

(c) For purposes of this section, the term "victim" shall mean a
decedent who died as a result of wounds or injury incurred as a result
of any terrorist attacks, but shall not include any individual
identified by the United States attorney general to have been a
participant or conspirator in such attack or a representative of such an
individual.

(d) An issuer seeking to avail itself of the provisions of this
section shall first submit its plan of implementation to the
superintendent of financial services for prior approval. If the plan is
approved, such issuer shall thereafter, upon request of such
superintendent, submit a report to such superintendent regarding its
experience in the implementation of such provisions.

(e) For purposes of this section, the term "terrorist attack" shall
mean premeditated, politically motivated violence perpetrated against
noncombatant targets by subnational groups or clandestine agents, listed
on the U.S. Department of State's list of Foreign Terrorist
Organizations or listed at the time of such attack.