What's happening
This bill extends the deadline for insurers to respond to unclaimed life insurance benefit requests from thirty to sixty days.
Why it matters
Gives insurers more time to process unclaimed life insurance benefit requests. , which could affect how quickly beneficiaries receive payouts after filing a claim.
May impact beneficiaries who are relying on insurance funds for immediate financial needs. , as doubling the response window from 30 to 60 days means longer potential waits for families after a policyholder’s death.
Removes the special 45-day provision for insurers that contract out record-keeping. , creating a uniform 60-day standard for all insurers regardless of how they manage their records, which could simplify compliance but delay payouts for some.
Reflects a legislative shift toward accommodating insurer administrative processes. , possibly in response to industry concerns about the complexity or volume of unclaimed benefit claims, but at the cost of delaying access for claimants.
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Who cares
Headline styles
Extend Life Insurance Claim Time
Plain English, a few words. Used as the page title.
Sponsors
3 Co-sponsors
History
- Substituted by S3637
- Ordered to third reading rules cal.70
- Rules report cal.70
- Reported
- Reported referred to rules
- Reported referred to codes
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Give More Time for Claims
Signed by Governor · Sponsor Neil D. Breslin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3075
2019-2020 Regular Sessions
IN ASSEMBLY
January 28, 2019
Introduced by M. of A. HUNTER, D. ROSENTHAL, WEPRIN -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to unclaimed life insurance benefits
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The opening paragraph of paragraph 4 of subsection (h) of section 3240 of the insurance law, as amended by chapter 10 of the laws of 2013, is amended to read as follows:
Within [thirty] sixty days of receiving the request referenced in paragraph two of this subsection[, or within forty-five days of receiving the request where the insurer contracts with another entity to maintain the insurer's records,] the insurer shall:
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05109-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.