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NY A09688

Bill

Status

Introduced

3/28/2022

Primary Sponsor

Phillip Steck

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends Insurance Law sections 2123 and 4226 to replace references to "incomplete comparisons" with "misleading representations" regarding life insurance policies and annuity contracts.

  • Requires that replacement of individual life insurance policies or annuity contracts conform to superintendent-promulgated regulations that are consistent with the National Association of Insurance Commissioners (NAIC) replacements regulation, as amended from time to time.

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

  • Requires a 60-day period following issuance of replacement policies or contracts during which policy or contract owners may return the new policies and reinstate the replaced policies or contracts.

  • Takes effect 180 days after becoming law.

Legislative Description

Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulation be consistent with policies of the national association of insurance commissioners.

Last Action

referred to insurance

3/28/2022

Committee Referrals

Insurance3/28/2022

Full Bill Text

No bill text available