NU Online News Service, Aug. 12, 2003, 6:03 p.m. EDT – New York Gov. George Pataki, a Republican, has increased his state’s limit on life insurance coverage for minor children to $25,000 by signing Assembly Bill 5310.
The old law limited parents to buying up to $10,000 in individual coverage on the lives of children between the ages of 4 and 13 and up to $5,000 in individual coverage on the lives of children younger than 4, according to the Life Insurance Council of New York Inc., Albany, N.Y.
The limit was $25,000 for children insured under group policies, the council reports.
A.B. 5310 was introduced by Assemblyman Alexander Grannis.
The Life Insurance Council, which supported A.B. 5310, has issued a statement welcoming the bill’s enactment.
A summary of the bill and a link to the text are posted at http://assembly.state.ny.us/leg/?bn=A05310