ALBANY, N.Y. - A new state law will work to strengthen financial support for the families of terrorist attack victims by waiving mandatory commissions due in life insurance settlements.
Th law, signed Monday by Gov. Andrew Cuomo, expands the current law, which only allows a waiver for families affected by the Sept. 11, 2001 attacks.
“New Yorkers stand together whenever tragedy strikes,” Cuomo said in a press release. “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 also allows the waivers to be applied to families affected by attacks carried out in the past.
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