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S01595 Summary:

BILL NOS01595
 
SAME ASSAME AS A04024
 
SPONSORSEWARD
 
COSPNSRKENNEDY
 
MLTSPNSR
 
Add 3242, 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.
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S01595 Actions:

BILL NOS01595
 
01/10/2017REFERRED TO INSURANCE
01/03/2018REFERRED TO INSURANCE
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S01595 Memo:

Memo not available
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S01595 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1595
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    January 10, 2017
                                       ___________
 
        Introduced  by  Sens. SEWARD, KENNEDY -- 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 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 3242
     2  to read as follows:
     3    § 3242. 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.
                                                                   LBD04796-01-7

        S. 1595                             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-two  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.
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