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NY S06507
Bill
Status
1/31/2014
Primary Sponsor
James Seward
Click for details
AI Summary
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Reduces the waiting period before insurers can pay accelerated death benefits or special surrender values from 14 days to 5 days after transmitting required information to the policy owner or certificate holder in writing
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Maintains the policy owner's or certificate holder's right to rescind requests for accelerated death benefits at any time during the application process
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Applies to Section 3230(c) of the New York Insurance Law, originally added in 1991
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Takes effect immediately upon enactment
Legislative Description
Relates to accelerated death benefits under a life insurance policy and the right of the policy owner or certificate holder to rescind the request for such payments at any time during the process of application for said benefits.
Last Action
SUBSTITUTED BY A9154A
6/20/2014