S03862 Summary:
| BILL NO | S03862 |
| SAME AS | SAME AS A06833 |
| SPONSOR | COMRIE |
| COSPNSR | |
| MLTSPNSR | |
| Amd §3203, Ins L | |
| Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder. | |
S03862 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 3862 2025-2026 Regular Sessions IN SENATE January 30, 2025 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to requirements for making of policy loans The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 8 of subsection (a) of section 3203 of the insur- 2 ance law is amended by adding two new subparagraphs (K) and (L) to read 3 as follows: 4 (K) that the agent has fully explained all of the terms and conditions 5 of the policy loan to the policyholder; 6 (L) all of the terms and conditions of any policy loan shall be in 7 writing in at least ten point type and shall be signed by the insured 8 and the agent of the insurer; 9 § 2. This act shall take effect on the sixtieth day after it shall 10 have become a law and shall apply to all policies issued, reviewed or 11 modified on or after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05377-01-5