New York A 6975: Relates to indexing fixed amounts and clarifying compliance

Bill Text

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 Speaker Carl E. Heastie

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A06975 Summary:

BILL NOA06975A

&nbsp

SAME ASSAME AS S07222-A

&nbsp

SPONSORWeprin

&nbsp

COSPNSRClark

&nbsp

MLTSPNSR

&nbsp

Amd §4228, Ins L

&nbsp

Relates to indexing fixed amounts and clarifying compliance with respect to life insurance agents.

Go to top A06975 Actions:

BILL NOA06975A

&nbsp

03/18/2025referred to insurance

06/09/2025amend and recommit to insurance

06/09/2025print number 6975a

06/09/2025reference changed to ways and means

06/11/2025reported referred to rules

06/12/2025reported 

06/12/2025rules report cal.661

06/12/2025ordered to third reading rules cal.661

06/13/2025substituted by s7222a

&nbspS07222 AMEND=A BAILEY

&nbsp04/04/2025REFERRED TO INSURANCE

&nbsp06/09/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

&nbsp06/09/2025ORDERED TO THIRD READING CAL.1644

&nbsp06/09/2025AMENDED ON THIRD READING 7222A

&nbsp06/12/2025PASSED SENATE

&nbsp06/12/2025DELIVERED TO ASSEMBLY

&nbsp06/12/2025referred to ways and means

&nbsp06/13/2025substituted for a6975a

&nbsp06/13/2025ordered to third reading rules cal.661

&nbsp06/13/2025passed assembly

&nbsp06/13/2025returned to senate

&nbsp09/22/2025DELIVERED TO GOVERNOR

&nbsp09/26/2025SIGNED CHAP.427

Go to topA06975 Committee&nbspVotes:

Committee:WAYS AND MEANS Chair:Pretlow 
DATE:06/11/2025AYE/NAY:34/0 Action: Favorable refer to committee Rules PretlowAyeRaAye

GlickAyeFitzpatrickAye

ColtonAyeHawleyAye

CookAyeBlankenbushAye

BenedettoAyePalmesanoAye

WeprinAyeWalshAye

RamosAyeDeStefanoAye

BraunsteinAyeManktelowAye

McDonaldAyeSmullenAye

RozicAyeGiglioAye

DinowitzAye

MagnarelliExcused

BronsonAye

DilanAye

SeawrightAye

HyndmanAye

WalkerAye

Bichotte HermelAye

SimonAye

CruzAye

OtisAye

SolagesAye

HunterAye

EpsteinAye

SeptimoAye

Committee:RULES Chair:Glick 
DATE:06/12/2025AYE/NAY:29/0 Action: Favorable HeastieExcusedBarclayAye

PretlowAyeHawleyAye

CookAyeBlankenbushAye

GlickAyeRaAye

DinowitzAyeBrabenecAye

ColtonAyePalmesanoAye

MagnarelliAyeReillyAye

PaulinAyeSmithAye

Peoples-StokesAyeJensenAye

BenedettoAye

LavineAye

LupardoAye

BraunsteinAye

DavilaAye

HyndmanAye

RozicAye

BronsonAye

HevesiAye

HunterAye

TaylorAye

CruzAye

VanelExcused

Go to topA06975 Floor&nbspVotes:

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

Go to topA06975 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6975--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 18, 2025
 ___________

 Introduced by M. of A. WEPRIN, CLARK -- read once and referred to the
 Committee on Insurance -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the insurance law, in relation to indexing fixed amounts
 and clarifying compliance

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

 1 Section 1. Subparagraphs (D) and (F) of paragraph 2 of subsection (c)
 2 of section 4228 of the insurance law, as added by chapter 616 of the
 3 laws of 1997, are amended to read as follows:
 4 (D) distribution, marketing and sales support expenses directly
 5 related to the procurement of new business, which includes but is not
 6 limited to:
 7 (i) recruiting and training of agents, including related recordkeep-
 8 ing;
 9 (ii) sales management and supervision; and
 10 (iii) clerical functions in sales offices[; and
 11 (iv) sales support functions, including but not limited to advanced
 12 underwriting support, proposals, illustrations, competition aids and
 13 related systems and equipment, including personal computers, owned by
 14 the company and used in the sales process];
 15 (F) the travel expenses [of sales conferences, training meetings and
 16 awards], meals and entertainment paid for by the company; and
 17 § 2. Subparagraph (F) of paragraph 2 of subsection (e) of section 4228
 18 of the insurance law, as amended by chapter 13 of the laws of 2002, is
 19 amended to read as follows:
 20 (F) If a company employs one or more salaried employees whose princi-
 21 pal function is [other than] not the sale of new policies or contracts
 22 and [other than] not the supervision of agents or agencies, and if no
 23 more than twenty-five percent of the total compensation of such emp