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NY A03211
Bill
Status
2/2/2023
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Amends Insurance Law Section 4224(c) to clarify that services provided by life insurance companies, accident and health insurers, and licensed insurance brokers are not prohibited inducements or rebates if offered in a non-discriminatory manner to all similarly situated insureds or potential insureds.
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Establishes that such services must be offered or delivered as part of the sale or renewal of an insurance policy, contract, or group insurance policy to qualify for the exemption.
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Requires the superintendent to determine through notice and hearing that the service offer was the sole reason for purchase before classifying it as a prohibited inducement or rebate.
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Maintains the existing $25 value limit on permitted merchandise or periodical subscriptions as inducements.
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Takes effect 60 days after becoming law.
Legislative Description
Relates to prohibitions on rebating and discrimination in rates and payments under insurance policies; provides that certain services shall not be considered to be an inducement or rebate unless the superintendent determines that the offer and sale of such services constituted the sole reason for the purchase of such insurance policy.
Last Action
referred to insurance
1/3/2024