NY S07785

Requires supplementary uninsured/underinsured motorists (SUM) insurance coverage to equal bodily injury liability limits unless the insured makes a signed rejection or selects lower limits.

Allows insureds to reject SUM coverage only through signed writing, audio recording, or electronic signature that the insurer must maintain; if documentation is lost, coverage defaults to full bodily injury liability limits.

Requires insurers to provide a rejection form approved by the superintendent with 12-point bold heading explaining that SUM coverage equals bodily injury liability limits and urging maximum coverage purchases.

Mandates annual notice to insureds at policy renewal explaining SUM coverage options and clearly indicating the level of coverage accepted on the notice of premium.

Takes effect 30 days after enactment and applies to insurance policies issued, entered into, or renewed on and after the effective date.