N.Y. Insurance Law § 3113: Consent of and notification of an irrevocable beneficiary under a court order of divorce or separation

§ 3113. Consent of and notification of an irrevocable beneficiary

under a court order of divorce or separation. In any case where a policy

owner has, pursuant to an order of separation or divorce, designated his

or her spouse or children as the irrevocable beneficiary of a policy of

insurance subject to the provisions of section three thousand two

hundred three of this chapter, and a copy of such order has been served,

by registered mail, on the home office of the insurer specifying the

name and mailing address of the spouse or children, such insurer shall:

(a) prohibit the policy holder from borrowing from the cash value or

changing the named beneficiary of such insurance policy without the

written consent of the irrevocable beneficiary; and

(b) provide written notification to the irrevocable beneficiary in the

event that such insurance policy is scheduled to lapse due to

non-payment of premium.