NY A02741

Requires insurers to provide a summary document with personal lines property and casualty policies, printed in red font with at least 16-point type

Summary must include: policy limits, term, premium amount, deductibles, principal exclusions, and a statement that this is only a summary and actual policy terms govern coverage

Allows agents or brokers authorized by insurers to provide the summary, which may be sent electronically to policyholders

Superintendent must issue regulations within 180 days of enactment specifying wording, filing, and approval requirements for the summary document

Superintendent must appoint an advisory committee with equal representation from insurers, producers, consumers, and academic experts to review public comments and make recommendations on the regulation by day 210 of enactment

Prohibits superintendent from requiring insurers or producers to provide any additional policy summaries beyond those required by this law

Takes effect on October 1 following enactment and applies to all policies issued, renewed, modified, altered, or amended on or after that date