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A02026 Summary:

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A02026 Committee Votes:

A02026 Floor Votes:

A02026 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2026
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 15, 2015
                                       ___________
 
        Introduced  by  M. of A. RYAN -- read once and referred to the Committee
          on Judiciary
 
        AN ACT to amend the general obligations law, in relation to waivers  for
          families of victims of terrorist attacks
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 5-1708-a of the general obligations law,  as  added
     2  by  chapter  568  of  the  laws  of  2003 and subdivision (d) as further
     3  amended by section 104 of part A of chapter 62 of the laws of  2011,  is
     4  amended to read as follows:
     5    §  5-1708-a.  Waiver  for  families  of  victims of terrorist attacks.
     6  Notwithstanding the provisions of  section  four  thousand  two  hundred
     7  twenty-four of the insurance law:
     8    (a)  An annuity issuer, or an employee or other representative of such
     9  issuer, shall be permitted to waive or offer to waive the commission  or
    10  other  compensation otherwise payable thereto as a result of the sale of
    11  a policy or contract subject to the provisions of section four  thousand
    12  two  hundred twenty-four of the insurance law to a member of the immedi-
    13  ate family of a person who was a victim of the September  eleventh,  two
    14  thousand  one terrorist attacks against the United States or any terror-
    15  ist attack as defined by subdivision (e) of this section; and
    16    (b) In connection with such waiver, the insurance company may, at  the
    17  election of the policyowner or contract owner:
    18    (i)  contribute  the amount of such waived commission or other compen-
    19  sation to a charitable  organization  that  meets  the  requirements  of
    20  section  501(c)(3) of the Internal Revenue Code of 1986, as amended, and
    21  is organized for the benefit of families of  victims  of  [such  attack]
    22  terrorist attacks; or
    23    (ii) deduct from the premium an amount equal to such waived commission
    24  or other compensation otherwise payable thereto as a result of the sale.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04959-01-5
        A. 2026                             2
 
     1    (c) For purposes of this section, the term "victim" shall mean a dece-
     2  dent  who  died  as a result of wounds or injury incurred as a result of
     3  [the] any terrorist attacks [against  the  World  Trade  Center  or  the
     4  Pentagon  on  September eleventh, two thousand one, or the terrorist-re-
     5  lated  aircraft  crash  in  Pennsylvania  on  such  date], but shall not
     6  include any individual identified by the United States attorney  general
     7  to  have been a participant or conspirator in such attack or a represen-
     8  tative of such an individual.
     9    (d) An issuer seeking to  avail  itself  of  the  provisions  of  this
    10  section shall first submit its plan of implementation to the superinten-
    11  dent  of financial services for prior approval. If the plan is approved,
    12  such issuer shall  thereafter,  upon  request  of  such  superintendent,
    13  submit  a  report to such superintendent regarding its experience in the
    14  implementation of such provisions.
    15    (e) For purposes of this section, the term  "terrorist  attack"  shall
    16  mean  premeditated,  politically  motivated violence perpetrated against
    17  noncombatant targets by subnational groups or clandestine agents, listed
    18  on the U.S. Department of State's list of  Foreign  Terrorist  Organiza-
    19  tions or listed at the time of such attack.
    20    § 2. This act shall take effect immediately.