Loading chat...
NY A09927
Bill
Status
4/19/2022
Primary Sponsor
Amy Paulin
Click for details
AI Summary
-
Requires insurers to provide policyholders with a summary document printed in red font and at least 16-point type when delivering personal lines property and casualty insurance policies in New York.
-
Summary must include policy limits, term, annual premium amount, deductibles, principal exclusions, and a disclaimer stating the summary is not the full policy.
-
Permits authorized agents or brokers to provide the summary and allows electronic delivery in accordance with existing insurance law provisions.
-
Requires the superintendent of financial services to issue regulations within 180 days and establish an advisory committee with equal representation from insurers, producers, consumers, and academic experts to provide recommendations within 210 days.
-
Takes effect October 1st following enactment and applies to all policies issued, renewed, modified, altered, or amended on or after that date.
Legislative Description
Relates to summaries of readable and understandable insurance policies which shall include the limits of insurance, the term of the policy, the amount of annual premium and the amount of deductibles and a statement.
Last Action
print number 9927a
9/16/2022