NY A06727

Eliminates maximum dollar limits on supplementary uninsured/underinsured motorist (SUM) insurance, allowing coverage up to the full bodily injury liability limits of the policy instead of capped amounts ($250,000 per person/$500,000 per accident previously).

Removes the requirement that insurers offer a personal umbrella policy alternative to provide higher SUM coverage limits.

Requires insurers to provide a specific 12-point bold-type disclosure form at the time of policy sale explaining SUM coverage and giving insureds three options: purchase coverage at full liability limits, purchase at a lower amount, or purchase mandatory minimum coverage only.

Mandates that verbal selections or rejections of SUM coverage be confirmed through signed writing, audio recording, electronic signature, or other documented means, with a presumption that policyholders have full coverage if insurers cannot prove the insured rejected it.

Requires annual renewal notices offering coverage options and establishes a 180-day effective date after the bill becomes law, applying to policies issued, entered into, or renewed on or after that date.