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NY A07449
Bill
Status
5/10/2021
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Prohibits the superintendent of financial services from promulgating or enforcing suitability, best interest, or fiduciary standards regarding term life insurance policies with insured face amounts of $1 million or less.
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Voids any existing provisions in the superintendent's regulations, particularly in 11 NYCRR Part 224, that contradict this prohibition, requiring amendment through the consensus regulatory process.
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Requires the superintendent to submit a report by July 1, 2023 to the governor and legislature on how suitability and best interest regulations have affected the term life insurance market, including impacts on product availability.
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Section 2 of the act expires and is repealed on December 31, 2023 or 180 days after the report is issued, whichever is later, with the department required to notify the legislative bill drafting commission upon report completion.
Legislative Description
Limits certain regulations or orders promulgated by the superintendent; provides that the department of financial services shall issue a report on the effects that its suitability and best interest in life insurance and annuity transaction regulations have had on the term life insurance market.
Last Action
print number 7449a
5/26/2022