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NY A04011
Bill
Status
5/9/2023
Primary Sponsor
David Weprin
Click for details
AI Summary
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Superintendent of Financial Services must promulgate regulations within six months providing standardized definitions for commonly used terms and phrases in personal lines insurance policies
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Standardized definitions must be used in personal lines insurance policies issued or delivered in New York on or after regulations are finalized, no later than January 1, 2025
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Superintendent must promulgate regulations within six months providing standardized definitions for commonly used terms and phrases in commercial lines insurance policies covering real property, personal property, or liabilities for property loss or damage
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Standardized definitions must be used in commercial lines insurance policies issued or delivered in New York on or after regulations are finalized, no later than January 1, 2025
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Insurers may use alternative definitions provided they are not less favorable to policyholders or claimants, as determined by the superintendent
Legislative Description
Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.
Last Action
REFERRED TO INSURANCE
3/13/2024