New York S 5180: Provides for limited death benefit life insurance policies for persons aged 60 and over

Bill Text

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S05180 Summary:

BILL NOS05180 

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SAME ASSAME AS A07234

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Add Art 30-C §647, Gen Bus L

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Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires an insurer to provide consumers with a prescribed "Financial Review of Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.

Go to top S05180 Actions:

BILL NOS05180 

&nbsp

02/19/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS05180 Committee&nbspVotes:

Go to topS05180 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05180 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5180

 2025-2026 Regular Sessions

 IN SENATE

 February 19, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 AN ACT to amend the general business law, in relation to limited death
 benefit life insurance policies for persons aged sixty and over

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general business law is amended by adding a new article
 2 30-C to read as follows:
 3 ARTICLE 30-C
 4 FINANCIAL REVIEW REQUIREMENT FOR LIMITED
 5 DEATH BENEFIT LIFE INSURANCE POLICIES FOR
 6 PERSONS AGED SIXTY AND OVER
 7 Section 647. Financial review of policy.
 8 § 647. Financial review of policy. 1. Whenever a life insurance policy
 9 or certificate of insurance is delivered or issued for delivery in this
 10 state to an applicant at age sixty and over, which limits death benefits
 11 during a period following the inception date of the policy or where the
 12 accumulated premiums exceed the death benefit at any point during the
 13 first ten years, the insurer shall provide the insured with a copy of a
 14 "Financial Review of Policy" form of at least ten point in size. Such
 15 form shall use substantially the same format and terminology shown
 16 below, and shall have complete information provided for any and all
 17 blank space.
 18 Financial Review of Policy
 19 Notice: You should review this form and your policy and
 20 decide if the policy is suitable for you. If you are not
 21 entirely satisfied, pursuant to New York State law, you may
 22 return the policy within thirty days from the date you
 23 receive it and obtain a full refund of any premiums paid.
 24 This is a policy offered without an attempt to classify

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06372-01-5

 S. 5180 2

 1 risks by determining your state of health. Premiums may have
 2 been lower if health information had been obtained.
 3 Applicant Information:
 4 Name: Age: Sex:
 5 (1) (2) (3) (4) (5)
 6 Col 3
 7 Prem- minus
 8 iums Col 2
 9 End of Annual accum- Cash Net
 10 Policy Prem- ulating Surren- gain
 11 Year ium interest Death der (net
 12 at 5% Benefits Value loss)
 13 __________________________________________________________________
 14 1 
 15 2 
 16 3 
 17 4 
 18 5 
 19 6 
 20 7 
 21 8 
 22 9 
 23 10 

 24 Definitions. The following terms used in the above chart are
 25 defined as:
 26 1. Annual Premium -- Amount you must pay each year to keep this
 27 policy in force.
 28 2. Premiums Accumulating Interest at 5% -- Amount which could be
 29 earned if, instead of purchasing insurance, the premium dollars
 30 paid to the insurer were left to accumulate at 5% interest.
 31 3. Death Benefits -- Amount that will be paid upon death, exclu-
 32 sive of any supplementary benefits.
 33 4. Cash Surrender Value -- Amount the insurance company will pay
 34 you if you surrender your policy to the company for cash.
 35 5. Net Gain or Loss -- This column shows whether your money
 36 would have earned more or less at 5% interest than your life
 37 insurance benefit.
 38 2. Any consumer injured by a violation of this section may bring an
 39 action for recovery of damages. Judgment shall be entered in favor of a
 40 consumer in an amount not to exceed thr