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NY A09688
Bill
Status
3/28/2022
Primary Sponsor
Phillip Steck
Click for details
AI Summary
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Amends Insurance Law sections 2123 and 4226 to replace references to "incomplete comparisons" with "misleading representations" regarding life insurance policies and annuity contracts.
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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.
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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.
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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.
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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