S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                        4767--A

                              2009-2010 Regular Sessions

                                   I N  S E N A T E

                                    April 27, 2009
                                      ___________

       Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
         printed to be committed to the  Committee  on  Insurance  --  reported
         favorably  from said committee and committed to the Committee on Rules
         -- committee discharged, bill amended, ordered  reprinted  as  amended
         and recommitted to said committee

       AN  ACT  to  amend the insurance law, in relation to approval of certain
         insurance and annuity policy forms

         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section  1.  Subsection  (b)  of  section 3201 of the insurance law is
    2  amended by adding a new paragraph 7 to read as follows:
    3    (7) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION,  AN  APPROVED
    4  POLICY FORM THAT HAS BEEN REVISED MAY CONTINUE TO BE DELIVERED OR ISSUED
    5  FOR DELIVERY IN THIS STATE WITHOUT FURTHER APPROVAL FROM THE SUPERINTEN-
    6  DENT, PROVIDED THAT THE POLICY FORM IS REVISED SOLELY TO REFLECT:
    7    (A)  A  CHANGE IN THE INVESTMENT OPTIONS OF A SEPARATE ACCOUNT OFFERED
    8  UNDER THE POLICY FORM, IN ACCORDANCE WITH AN AMENDED STATEMENT AS TO THE
    9  METHODS OF OPERATION OF THE SEPARATE ACCOUNT APPROVED BY THE SUPERINTEN-
   10  DENT PURSUANT TO SUBSECTION (E) OF SECTION  FOUR  THOUSAND  TWO  HUNDRED
   11  FORTY  OF  THIS  CHAPTER,  AND  FURTHER  PROVIDED  THAT AN INFORMATIONAL
   12  FILING, IN A FORM ACCEPTABLE  TO  THE  SUPERINTENDENT,  IDENTIFYING  THE
   13  POLICY  FORMS  THAT HAVE BEEN REVISED AND THE INVESTMENT OPTIONS OFFERED
   14  IN EACH POLICY FORM, IS SUBMITTED TO THE SUPERINTENDENT  NO  LATER  THAN
   15  SIXTY DAYS AFTER THE AMENDED STATEMENT AS TO THE METHODS OF OPERATION OF
   16  THE SEPARATE ACCOUNT HAS BEEN APPROVED; OR
   17    (B)  ANY  OTHER  TYPE OF CHANGE FOR WHICH THE SUPERINTENDENT WAIVES OR
   18  OTHERWISE MODIFIES THE FILING AND APPROVAL REQUIREMENTS OF THIS SECTION.
   19    S 2. This act shall take effect on the sixtieth  day  after  it  shall
   20  have become a law.

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11294-02-9