•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A04480 Summary:

BILL NOA04480
 
SAME ASSAME AS S02797
 
SPONSORPretlow (MS)
 
COSPNSR
 
MLTSPNSRLupardo
 
Add §3245, amd §4224, Ins L
 
Relates to authorizing non-insurance benefits or services to be offered as part of group life or group or blanket accident or health insurance policies.
Go to top

A04480 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4480
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 16, 2023
                                       ___________
 
        Introduced by M. of A. PRETLOW -- Multi-Sponsored by -- M. of A. LUPARDO
          -- read once and referred to the Committee on Insurance
 
        AN  ACT to amend the insurance law, in relation to authorizing non-insu-
          rance benefits or services to be offered as part of a  group  life  or
          group or blanket accident and health insurance policy

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The insurance law is amended by adding a new  section  3245
     2  to read as follows:
     3    §  3245.  Non-insurance  benefits  and services as part of a policy or
     4  certificate of group life or group or blanket accident and health insur-
     5  ance.  (a) An insurer licensed to write life insurance and accident  and
     6  health  insurance may include certain non-insurance benefits or services
     7  in conjunction with its issuance of a group life insurance or  group  or
     8  blanket  accident and health insurance policy. If included, such non-in-
     9  surance benefits or services shall be made available to  similarly-situ-
    10  ated  members of the group.  Any non-insurance benefits or services made
    11  available under the policy shall be set forth  in  the  policy  and  the
    12  certificate.
    13    (b)  Non-insurance  benefits and services permitted under this section
    14  shall include, but not be limited to, the following:
    15    (1) financial and estate planning services;
    16    (2) financial counseling for beneficiaries;
    17    (3) travel assistance services;
    18    (4) grief counseling services;
    19    (5) funeral planning services;
    20    (6) identity theft services; and
    21    (7) any other benefit or service that may be approved  by  the  super-
    22  intendent.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06680-01-3

        A. 4480                             2
 
     1    (c)  Any entity providing non-insurance benefits or services permitted
     2  under this section must be appropriately licensed to provide such  bene-
     3  fits or services.
     4    (d)  The  superintendent may adopt rules to regulate the disclosure in
     5  the policy and certificate related  to  the  non-insurance  benefits  or
     6  services permitted under this section and included in the policy.
     7    §  2.  Subsection (c) of section 4224 of the insurance law, as amended
     8  by chapter 496 of the laws of 2013, is amended to read as follows:
     9    (c) Except as permitted by section three thousand two hundred  thirty-
    10  nine  or  three  thousand  two  hundred  forty-five  of  this chapter or
    11  subsection (f) of this section, no such life insurance  company  and  no
    12  such  savings  and  insurance  bank  and no officer, agent, solicitor or
    13  representative thereof and no such insurer doing in this state the busi-
    14  ness of accident and health insurance and no officer,  agent,  solicitor
    15  or  representative  thereof,  and  no  licensed  insurance broker and no
    16  employee or other representative of any such insurer, agent  or  broker,
    17  shall  pay,  allow  or give, or offer to pay, allow or give, directly or
    18  indirectly, as an inducement to any person to  insure,  or  shall  give,
    19  sell  or  purchase,  or offer to give, sell or purchase, as such induce-
    20  ment, or interdependent with any policy of  life  insurance  or  annuity
    21  contract  or policy of accident and health insurance, any stocks, bonds,
    22  or other securities, or any dividends or profits accruing or  to  accrue
    23  thereon, or any valuable consideration or inducement whatever not speci-
    24  fied  in  such policy or contract other than any valuable consideration,
    25  including but not limited to merchandise  or  periodical  subscriptions,
    26  not exceeding twenty-five dollars in value; nor shall any person in this
    27  state  knowingly  receive  as  such inducement, any rebate of premium or
    28  policy fee or any special favor or advantage in the dividends  or  other
    29  benefits  to accrue on any such policy or contract, or knowingly receive
    30  any paid employment or contract for services of any kind, or  any  valu-
    31  able consideration or inducement whatever which is not specified in such
    32  policy or contract.
    33    § 3. This act shall take effect immediately.
Go to top