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NY A09313
Bill
Status
2/16/2012
Primary Sponsor
Edward Braunstein
Click for details
AI Summary
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Amends insurance law section 2131 to require wireless communications equipment vendors to disclose when a commission is paid to a retail representative for wireless communications equipment policies.
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Defines "commission" for wireless communications equipment policies as monetary remuneration to a retail representative that is solely contingent upon a consumer's decision to enroll in the policy.
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Exempts wireless communications equipment policies from disclosure requirements in Part Thirty of Title Eleven of New York State Codes, Rules and Regulations and other producer compensation disclosure laws.
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States that required disclosures regarding commissions shall be deemed in full compliance with any other law, rule, or regulation regarding producer compensation.
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Takes effect on the thirtieth day after becoming law.
Legislative Description
Requires wireless communications equipment vendors offering insurance on such equipment to disclose whether they pay a commission to the wireless communications equipment retailer.
Last Action
substituted by s6463
6/19/2012