§ 5-1708-A — Waiver for families of victims of terrorist attacks

New York § 5-1708-A

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 17: Structured Settlement Protection Act
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1708-a. Waiver for families of victims of terrorist attacks.\nNotwithstanding the provisions of section four thousand two hundred\ntwenty-four of the insurance law:\n (a) An annuity issuer, or an employee or other representative of such\nissuer, shall be permitted to waive or offer to waive the commission or\nother compensation otherwise payable thereto as a result of the sale of\na policy or contract subject to the provisions of section four thousand\ntwo hundred twenty-four of the insurance law to a member of the\nimmediate family of a person who was a victim of the September eleventh,\ntwo thousand one terrorist attacks against the United States or any\nterrorist attack as defined by subdivision (e) of this section; and\n (b) In connection with such waiver, the insurance company may, at the\nelection of the policyowner or contract owner:\n (i) contribute the amount of such waived commission or other\ncompensation to a charitable organization that meets the requirements of\nsection 501(c)(3) of the Internal Revenue Code of 1986, as amended, and\nis organized for the benefit of families of victims of terrorist\nattacks; or\n (ii) deduct from the premium an amount equal to such waived commission\nor other compensation otherwise payable thereto as a result of the sale.\n (c) For purposes of this section, the term "victim" shall mean a\ndecedent who died as a result of wounds or injury incurred as a result\nof any terrorist attacks, but shall not include any individual\nidentified by the United States attorney general to have been a\nparticipant or conspirator in such attack or a representative of such an\nindividual.\n (d) An issuer seeking to avail itself of the provisions of this\nsection shall first submit its plan of implementation to the\nsuperintendent of financial services for prior approval. If the plan is\napproved, such issuer shall thereafter, upon request of such\nsuperintendent, submit a report to such superintendent regarding its\nexperience in the implementation of such provisions.\n (e) For purposes of this section, the term "terrorist attack" shall\nmean premeditated, politically motivated violence perpetrated against\nnoncombatant targets by subnational groups or clandestine agents, listed\non the U.S. Department of State's list of Foreign Terrorist\nOrganizations or listed at the time of such attack.\n