N.Y. General Obligations Law § 5-1708-a: Waiver for families of victims of terrorist attacks

§ 5-1708-a. Waiver for families of victims of terrorist attacks.

Notwithstanding the provisions of section four thousand two hundred

twenty-four of the insurance law:

(a) An annuity issuer, or an employee or other representative of such

issuer, shall be permitted to waive or offer to waive the commission or

other compensation otherwise payable thereto as a result of the sale of

a policy or contract subject to the provisions of section four thousand

two hundred twenty-four of the insurance law to a member of the

immediate family of a person who was a victim of the September eleventh,

two thousand one terrorist attacks against the United States or any

terrorist attack as defined by subdivision (e) of this section; and

(b) In connection with such waiver, the insurance company may, at the

election of the policyowner or contract owner:

(i) contribute the amount of such waived commission or other

compensation to a charitable organization that meets the requirements of

section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and

is organized for the benefit of families of victims of terrorist

attacks; or

(ii) deduct from the premium an amount equal to such waived commission

or other compensation otherwise payable thereto as a result of the sale.

(c) For purposes of this section, the term "victim" shall mean a

decedent who died as a result of wounds or injury incurred as a result

of any terrorist attacks, but shall not include any individual

identified by the United States attorney general to have been a

participant or conspirator in such attack or a representative of such an

individual.

(d) An issuer seeking to avail itself of the provisions of this

section shall first submit its plan of implementation to the

superintendent of financial services for prior approval. If the plan is

approved, such issuer shall thereafter, upon request of such

superintendent, submit a report to such superintendent regarding its

experience in the implementation of such provisions.

(e) For purposes of this section, the term "terrorist attack" shall

mean premeditated, politically motivated violence perpetrated against

noncombatant targets by subnational groups or clandestine agents, listed

on the U.S. Department of State's list of Foreign Terrorist

Organizations or listed at the time of such attack.