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2014 Legislative Summaries

Changes to the Banking Law and Related Chapters

Foreclosure Settlement Conference Extender
Ch. 29 of the Laws of 2014
Chapter 29 extends both the expiration of provisions of civil practice law and rules requiring settlement conferences in residential foreclosure actions and provisions of the real property actions and proceedings law requiring notice of foreclosure to be sent to borrowers.

Wildcard Extender
Ch. 113 of the Laws of 2014
Chapter 113 extends for five years the provisions of the Banking Law relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to achieve parity with national banks.

Banking Law Technical Corrections
Ch. 291 of the Laws of 2014
Chapter 291 makes technical corrections to the Banking Law to address inconsistencies in the law resulting from the elimination of the New York State Banking Board.

Electronic Storage of Banking Records
Ch. 341 of the Laws of 2014
Chapter 341 provides that requirements relating to the preservation of certain banking records may be satisfied by maintenance of original papers or other records, photographic reproductions, or records stored in electronic storage media.

Prize-Linked Savings Promotions
Ch. 421 of the Laws of 2014
Chapter 421 provides that banking organizations may offer prize-linked savings promotions that give consumers the opportunity to win prizes by saving money.

Subprime Home Loans
Ch. 469 of the Laws of 2014
Chapter 469 codifies emergency rules promulgate by DFS to help maintain the availability of FHA insured mortgages in New York State.

Credit Union Field of Membership
Ch. 502 of the Laws of 2014
Chapter 502 expands the possible membership base of state chartered credit unions.

Changes to the Insurance Law and Related Chapters

Insurance Coverage for Substance Abuse Disorder
Ch. 41 of the Laws of 2014
Ch. 41 enacts several provisions relating to insurance coverage for substance abuse treatment.

Risk Based Capital
Ch. 78 of the Laws of 2014
Ch. 78 applies risk-based capital requirements to entities organized pursuant to Insurance Law Article 43 and certain health maintenance organizations. 

Student Health Plans
Ch. 124 of the Laws of 2014
Ch. 124 makes technical amendments to a statute authorizing certain universities to self-fund for the purposes of providing health insurance to currently enrolled students.

Maternal Depression
Ch. 199 of the Laws of 2014
Ch. 199 amends the Public Health Law and the Insurance Law to provide that to the extent an insurance policy provides coverage for maternal depression screening, no insurer shall limit a patient insured’s direct access to screening and referral for maternal depression.   

Life Insurance Policy Disclosure
Ch. 275 of the Laws of 2014
Ch. 275 amends the Insurance Law to authorize the Superintendent to develop an alternative to the disclosure requirements for certain life insurance policy provisions.

Ostomy Supplies
Ch. 364 and Ch. 377 of the Laws of 2014
Ch. 364 requires insurance coverage for equipment and supplies used for the treatment of ostomies.  Ch. 377 clarifies that coverage for ostomy supplies shall be identical to coverage provided under the essential health benefits required under the Affordable Care Act.

Affiliate Company
Ch. 388 of the Laws of 2014
Ch. 388 gives the Superintendent authority to allow a health insurer or Article 43 corporation to use an affiliate health insurer, Article 43 corporation or health maintenance organization to meet certain obligations of the insurer or Article 43 corporation.

Compensation Agreements by Domestic Mutual Insurance Companies
Ch. 410 of the Laws of 2014
Ch. 410 amends the Insurance Law to permit domestic mutual insurance corporations, subject to approval by the Superintendent, to enter into certain compensation agreements with firms and corporations in which an officer or director of the insurance corporation has only an indirect pecuniary interest.

Senior Disclosures in Advertisements
Ch. 432 of the Laws of 2014
Ch. 432 amends the General Business Law to require that any person or business who uses a senior specific designation disclose the basis or source of such designation. 

Scarsdale Union Free School District Reserve Fund
Ch. 433 of the Laws of 2014
Ch. 433 amends the General Municipal Law to provide that an insurance reserve fund may be established by the Scarsdale Union Free School District. 

Credit Record Freezes and Protected Minors
Ch. 441 of the Laws of 2014
Ch. 441 amends the General Business Law to provide a mechanism for parents and guardians to freeze the credit record of their minor children. 

Accelerated Death Benefits
Ch. 448 of the Laws of 2014
Ch. 448 amends the Insurance Law to reduce the waiting period before a life insurer may pay out an accelerated death benefit to a policyholder from 14 days to 5 days after the policyholder has applied for the benefit and been provided a required disclosure and illustration. 

Doing An Insurance Business
Ch. 449 of the Laws of 2014
Ch. 449 amends the Insurance Law to facilitate Internet enrollment of an employee who is a resident of New York State and who is applying to be covered under a group life, health or annuity contract that has been issued to an out-of-state employer by an insurer that is otherwise not authorized to transact business in New York.

Court Ordered Appraisals
Ch. 451 of the Laws of 2014
Ch. 451 clarifies what issues are subject to the appraisal process which is one manner of resolving disputes, similar to arbitration, under certain insurance policies.

Life Guaranty
Ch. 454 of the Laws of 2014
Ch. 454 amends the Insurance Law to eliminate the cap on assessments that may be imposed against member insurers of the Life Insurance Company Guaranty Corporation of New York.

Long Term Care
Ch. 465 of the Laws of 2014
Ch. 465 amends the Insurance Law to permit the accelerated payment of a death benefit on a non-tax qualified basis under a life insurance policy in situations where the insured has been the recipient of end of life or palliative care at a residential health care facility, home care services or hospice care, with the expectation that the insured will continue to require such services until death.  Ch. 465 also adds a new § 342 to the Insurance Law providing that DFS, DOH, the Office for the Aging and the Department of Taxation and Finance may jointly establish and conduct a public awareness program on the availability and coverage provided by life insurance and health insurance plans for long term care and the provisions of various applicable tax credits.

Modernization of Mutual and Cooperative Insurance Companies’ Information Systems Technology
Ch. 527 of the Laws of 2014
Ch. 527 amends the Insurance Law in relation to modernizing mutual and cooperative insurance companies’ information systems technology. 

Continuing Care Retirement Communities (CCRCs)
Ch. 549 of the Laws of 2014
Ch. 549 amends the Public Health Law to allow for continuing care at home as a continuing care retirement community contract option.  

Telehealth Services
Ch. 550 of the Laws of 2014
Ch. 550 amends the Insurance Law to require certain insurers to provide coverage for telehealth and telemedicine services under certain circumstances.

Certificates of Insurance
Ch. 552 of the Laws of 2014
Ch. 552 establishes standards for the issuance of certificates of insurance and authorized DFS to impose penalties.


 

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