Bill waives mandatory commission due in life insurance settlements
Governor Cuomo signed legislation to strengthen financial support for the families of terrorist attack victims. The new bill will allow insurers to waive commission fees associated with the purchase of annuity insurance for families affected by any terrorist attack on the United States, expanding on the current law which only allows a waiver for families affected by the September 11, 2001 attacks.
“New Yorkers stand together whenever tragedy strikes,” said Governor Cuomo. “This bill will allow insurers to better support people who are impacted by heinous acts of terrorism, and I am proud to sign it into law.”
By waiving the mandatory commission, insurers are able to offer their services pro-bono and provide further financial relief to families. This bill (S.2152/A.2026) also allows the waivers to be applied to families affected by attacks carried out in the past.
Senator Tim Kennedy said, "When a devastating terrorist attack occurs on our nation, so many Americans search for ways to help, and today, we are taking a critical step in facilitating aid to the families and victims who have suffered. By allowing insurance agents to waive commission fees for providing settlements following a terrorist attack and giving those agents the opportunity to work pro bono for these families, we're making sure these victims receive every penny they deserve. On behalf of myself and all the victim's families and agents, I thank Governor Cuomo for recognizing the significance and the wide-reaching impact of this legislation, and for moving so quickly to sign it into law."
Assemblyman Sean Ryan said, “Whenever tragedy strikes, Americans always look for ways to assist their fellow citizens, and help them to recover. Insurance agents often want to waive their structured settlement commission fees for families of victims of terrorist attacks who have won settlements. Unfortunately, state law actually prevents insurance agents from legally offering this gesture of assistance. These agents should not be at risk of losing their license because they want to extend a measure of compassion to people who have had to endure the horror of a terrorist attack. This bill is the right thing to do, and I thank Governor Cuomo for signing it into law.”
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