NY S05024

Amends Insurance Law sections 2123 and 4226 to prohibit misrepresentations and misleading statements regarding life insurance policies and annuity contracts by agents, brokers, insurers, and other persons.

Requires replacement of individual life insurance policies or annuity contracts to conform to standards promulgated by the superintendent that are consistent with the National Association of Insurance Commissioners replacements regulation, as amended.

Mandates that replacement standards specify what constitutes a replacement, require proper disclosure and notification procedures, and require notification of proposed replacements to the insurer whose policies are intended to be replaced.

Establishes a sixty-day period following issuance of replacement policies or contracts during which the policy or contract owner may return the replacement and reinstate the original policies or contracts.

Takes effect on the one hundred eightieth day after becoming law.