summary
Introduced
05/16/2017
05/16/2017
In Committee
01/03/2018
01/03/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
2017-2018 General Assembly
Bill Summary
AN ACT to amend the general business law, the insurance law and the public health law, in relation to preneed insurance; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1
AI Summary
This bill amends various laws related to preneed insurance premiums. It defines "preneed life insurance" as life insurance policies or certificates issued in combination with or as a guarantee for prearrangement agreements for funeral goods and services. The bill places restrictions on the sale of preneed life insurance, including limiting the face value and requiring detailed disclosures to applicants about the relationship between the policy and the prearrangement, any penalties or restrictions, and sales commissions. The bill also prohibits funeral directors and others in the funeral industry from receiving commissions for the solicitation or procurement of funeral patronage. The provisions of the bill will expire on June 1, 2023.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
print number 7838a (on 01/29/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
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