New York Assembly Bill A05245 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5245 2023-2024 Regular Sessions  IN ASSEMBLY March 7, 2023 ___________ Introduced by M. of A. STIRPE -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to representations by an insured The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (a) of section 3105 of the insurance law is 2 amended to read as follows: 3 (a) (1) A representation is a statement as to past or present fact, 4 made to the insurer by, or by the authority of, the applicant for insur- 5 ance or the prospective insured, at or before the making of the insur- 6 ance contract as an inducement to the making thereof. A misrepresen- 7 tation is a false representation, and the facts misrepresented are those 8 facts which make the representation false. 9 (2) Any person having or claiming a right under a life insurance poli- 10 cy that (A) provides a death benefit and (B) has been in force fewer 11 than two years following the date of issue or the date of reinstatement 12 if evidence of insurability is requested, shall provide reasonable 13 assistance to the insurer in obtaining the necessary information to 14 determine whether a misrepresentation was made by the applicant for 15 insurance or the prospective insured. 16 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00386-01-3