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NY A07701

Bill

Status

Passed

7/16/2021

Primary Sponsor

Pamela Hunter

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends Insurance Law Section 1101 to allow insurers who have ceased operating in New York to service life insurance policies and annuity contracts from outside the state using telephone, video call, facsimile, web portal, electronic transfer of funds, or other superintendent-approved electronic means.

  • Permits similar remote servicing methods for life insurance policies and annuity contracts issued outside New York that cover out-of-state subjects of insurance or risks, provided the insurer has no other contact with New York residents beyond the specified electronic methods.

  • Modifies Section 1105 to allow insurers ceasing their New York license to request approval in their wind-down plan to continue or service life insurance policies and annuity contracts from outside the state through approved electronic means.

  • Requires the superintendent to approve any electronic servicing methods and ensures insurers comply with regulations promulgated by the superintendent regarding consumer protection and security.

  • Takes effect immediately upon enactment.

Legislative Description

Improves insurance consumer servicing options; modernizes the methods of consumer servicing that unauthorized insurers are permitted to use, including servicing by telephone, video call, facsimile, web portal, electronic transfer of funds and other methods approved by the superintendent of financial services.

Last Action

signed chap.266

7/16/2021

Committee Referrals

Rules6/2/2021
Rules5/25/2021
Insurance5/20/2021

Full Bill Text

No bill text available