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NY A03673
Bill
Status
2/3/2023
Primary Sponsor
Gary Pretlow
Click for details
AI Summary
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Prohibits the superintendent of financial services from promulgating or enforcing suitability, best interest, or fiduciary standards for term life insurance policies with insured face amounts of $1 million or less
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Voids any existing superintendent regulations or orders that contradict this prohibition, including relevant provisions of 11 NYCRR Part 224, effective upon this law's passage
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Requires the superintendent to submit a report by July 1, 2024 to the governor and legislature on the effects of suitability and best interest regulations on the term life insurance market, including whether such regulations have reduced product availability
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Section 2 of the act expires December 31, 2024 or 180 days after the report is issued, whichever is later
Legislative Description
Limits certain regulations or orders promulgated by the superintendent; provides that the department of financial services shall issue a report on the effects that its suitability and best interest in life insurance and annuity transaction regulations have had on the term life insurance market.
Last Action
referred to insurance
1/3/2024