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Legislative Memo

Ken Pokalsky
Director of Government Affairs
T 518.465.7511 x205
www.bcnys.org

BILL:

S.7278 (Balboni) / A.8567-A

  Support

SUBJECT:

Group Life Insurance Policies

 

S.7278 (Balboni) / A.8567-A

DATE:

May 7, 2002

 

The Business Council of New York State would like to express its strong support for the aforementioned legislation. This legislation would amend the Insurance Law to allow for coverage of any person dependent upon the policy holder under group life insurance policies by expanding the definition of "dependent" to extend beyond children and spouses and also to increase the amount for which they can be covered.

This legislation would provide employers with additional benefit options to offer their employees. Therefore, the employer can better tailor their policy to meet the needs of not only the employer, but also their employees in group life insurance policies. Such flexibility better enables the employer to attract and retain high caliber employees.

Currently, employers are able to offer accident and health plans under which dependents other spouses or children can receive benefits. This proposal allows the employer to make the same offer as these plans.

Additionally, this legislation changes the amount by which a child can be covered from $4,000 to $25,000.

For the above stated reasons The Business Council strongly supports S.7278/A. 8567-A and asks that it be acted upon favorably.