S. 5138-A(Seward)/A. 7896-A(Destito)

Group Life Insurance

Summary:  The bill amends §§ 3220 and 4216 of the Insurance Law to permit employers to purchase group key person life insurance. Prior to this legislation, businesses seeking to purchase key person life insurance could only do so by purchasing individual life insurance policies for each employee that they choose to cover.

Effective Date:  Immediately.

Last Action: Approved and signed by the Governor on July 21, 2008 (Chapter 306 of the Laws of 2008).