New York State Assembly

 
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A07584 Summary:

A07584 Actions:

A07584 Committee Votes:

Committee:INSURANCE   Chair:Cahill      
DATE:06/06/2017AYE/NAY:23/0  Action: Favorable refer to committee Rules        
Cahill
Aye
Barclay
Aye
Cook
Aye
Butler
Aye
Pretlow
Aye
Hawley
Aye
Rivera
Aye
Blankenbush
Aye
Peoples-Stokes
Aye
Curran
Aye
Cymbrowitz
Aye
Walter
Aye
Lavine
Aye
Garbarino
Aye
Moya
Excused
Hevesi
Aye
Skoufis
Excused
Steck
Aye
Crespo
Aye
Joyner
Aye
Dilan
Aye
Hunter
Aye
Simotas
Aye
Walker
Aye
Niou
Aye

Committee:RULES   Chair:Heastie      
DATE:06/12/2017AYE/NAY:27/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Oaks
Aye
Lentol
Excused
Butler
Aye
Farrell
Aye
Crouch
Aye
Gantt
Aye
Finch
Aye
Nolan
Aye
Barclay
Aye
Weinstein
Aye
Raia
Aye
Hooper
Excused
Hawley
Aye
Ortiz
Excused
Pretlow
Aye
Cook
Aye
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Excused
Galef
Aye
Paulin
Aye
Titus
Aye
Peoples-Stokes
Aye

A07584 Floor Votes:

A07584 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7584--B
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                       May 3, 2017
                                       ___________
 
        Introduced by M. of A. CRESPO, McDONALD, STECK -- read once and referred
          to  the  Committee on Insurance -- committee discharged, bill amended,
          ordered reprinted as amended and  recommitted  to  said  committee  --
          again  reported from said committee with amendments, ordered reprinted
          as amended and recommitted to said committee

        AN ACT to amend the insurance  law,  in  relation  to  accelerated  life
          insurance  payments  for  certain  chronic  conditions;  and repealing
          subsection (g) of section 3230 of the insurance law relating thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 1 of subsection (a) of section 1113 of the insur-
     2  ance  law,  as amended by chapter 465 of the laws of 2014, is amended to
     3  read as follows:
     4    (1) "Life Insurance," means every insurance upon the  lives  of  human
     5  beings, and every insurance appertaining thereto, including the granting
     6  of  endowment  benefits,  additional  benefits  in the event of death by
     7  accident, additional benefits to  safeguard  the  contract  from  lapse,
     8  accelerated  payments  of  part or all of the death benefit or a special
     9  surrender value upon (A) diagnosis of terminal illness defined as a life
    10  expectancy of twelve months or less, (B) diagnosis of a  medical  condi-
    11  tion  requiring  extraordinary  medical  care or treatment regardless of
    12  life expectancy, (C) certification by a licensed health care practition-
    13  er of any condition which requires continuous care for the remainder  of
    14  the  insured's  life in an eligible facility or at home when the insured
    15  is chronically ill as defined by Section 7702(B) of the Internal Revenue
    16  Code and regulations thereunder, provided the accelerated payments qual-
    17  ify under Section 101(g)(3) of the Internal Revenue Code and  all  other
    18  applicable  sections  of  federal law in order to maintain favorable tax
    19  treatment, (D) certification by a licensed health care practitioner that
    20  the insured is chronically ill as defined by Section  7702  (B)  of  the
    21  Internal  Revenue Code and regulations thereunder, provided the acceler-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06791-07-7
        A. 7584--B                          2
 
     1  ated payments qualify under Section 101(g)(3) of  the  Internal  Revenue
     2  Code  and all other applicable sections of federal law in order to main-
     3  tain favorable tax treatment [and the insurer that issues such policy is
     4  a  qualified long term care insurance carrier under Section 4980c of the
     5  Internal Revenue Code or provide a special surrender value,  upon  total
     6  and  permanent  disability of the insured, and optional modes of settle-
     7  ment of proceeds], (E) the insured's having been a resident of a nursing
     8  home, as defined in section  twenty-eight  hundred  one  of  the  public
     9  health  law,  for  a period of three months or more, with an expectation
    10  that such insured will remain a resident of a nursing home until  death,
    11  or (F) the insured's having been the recipient of end of life or pallia-
    12  tive care, for a period of three months or more, at a residential health
    13  care  facility  as  defined in subdivision three of section twenty-eight
    14  hundred one of the public health law, home care services as  defined  in
    15  subdivision  one  of section thirty-six hundred two of the public health
    16  law or hospice as defined in subdivision one of  section  four  thousand
    17  two  of  the  public  health law, with the expectation that such insured
    18  will continue to require such services  until  death.  "Life  insurance"
    19  also  includes  a special surrender value upon total and permanent disa-
    20  bility of the insured, optional modes of  settlement  of  proceeds,  and
    21  additional benefits to safeguard the contract against lapse in the event
    22  of unemployment of the insured or in the event the insured is a resident
    23  of  a  nursing  home.    Amounts paid the insurer for life insurance and
    24  proceeds applied under optional modes of settlement  or  under  dividend
    25  options may be allocated by the insurer to one or more separate accounts
    26  pursuant to section four thousand two hundred forty of this chapter.
    27    § 2. Subsection (g) of section 3230 of the insurance law is REPEALED.
    28    §  3.  Subsection (f) of section 3230 of the insurance law, as amended
    29  by chapter 465 of the laws of 2014, is amended to read as follows:
    30    (f) This section shall apply to all life insurance policies or  policy
    31  riders  or  provisions  thereof  that provide for accelerated payment of
    32  death benefits or a special surrender  value  pursuant  to  subparagraph
    33  (A),  (B),  (C),  (D),  (E) or (F) of paragraph one of subsection (a) of
    34  section one thousand one hundred thirteen of this chapter.
    35    § 4. This act shall take effect immediately.