Bill Text: NY S05698 | 2021-2022 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO INSURANCE [S05698 Detail]
Download: New_York-2021-S05698-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5698 2021-2022 Regular Sessions IN SENATE March 16, 2021 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed 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: 1 Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur- 2 ance law is amended by adding two new subparagraphs (K) and (L) to read 3 as follows: 4 (K) that the agent has fully explained all of the terms and conditions 5 of the policy loan to the policyholder; 6 (L) all of the terms and conditions of any policy loan shall be in 7 writing in at least ten point type and shall be signed by the insured 8 and the agent of the insurer; 9 § 2. This act shall take effect on the sixtieth day after it shall 10 have become a law and shall apply to all policies issued, reviewed or 11 modified on or after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07689-01-1
