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Who cares
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Sponsors
2 Co-sponsors
4 Multi-sponsors
History
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10426
Title of bill
An act to repeal section 7718 of the insurance law, relating to the prohibited advertisement of the corporation in sale of insurance
Summary of specific provisions
Section 1. Section 7718 of the insur- ance law is repealed.
Justification
The purpose of the Life Insurance Company Guaranty Corporation of New York is to provide funds to protect resident policy owners, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance policies, annuity contracts, funding agreements and supplemental contracts issued by life insurance companies, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment or insol- vency of the insurer issuing such policies or contracts. However, due to section 7718 of the insurance law, it is prohibited to share this information with the consumer.
Those advising their clients should be allowed to share this information with their clients to insure that safeguards are in place to protect consumers.
Prior legislative history
New Bill
Fiscal implications
None
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.