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S. 7765(Seward)/A. 111974(Morelle)

Grace Periods, Life Insurance

Summary:  The bill makes the grace period and premium due notice requirements for flexible premium life insurance products (universal and variable universal life) consistent with the provisions currently set forth in N.Y. Comp. Codes R. & Regs. tit. 11, Part 54 (2003) (Regulation 77), as follows:

Effective Date:  Ninety days after enactment.

Last Action: Approved and signed by the Governor on July 7, 2008 (Chapter 264 of the Laws of 2008).

Department of Financial Services

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