NY A04434

Amends Insurance Law sections 2123 and 4226 to replace the prohibition on "incomplete comparisons" with a broader prohibition on "misleading representations" regarding insurance policies and annuity contracts.

Requires that any replacement of individual life insurance policies or annuity contracts by agents, representatives, or brokers conform to superintendent-promulgated regulations that are consistent with the National Association of Insurance Commissioners (NAIC) replacements regulation, as amended.

Mandates replacement regulations specify what constitutes policy replacement, require proper disclosure and notification procedures, and require notification of proposed replacements to the insurer whose policies are being replaced.

Establishes a 60-day period following issuance of replacement policies or contracts during which the owner may return the new policies and reinstate the replaced policies or contracts.

Removes requirement for timely exchange of illustrative and cost information as a regulatory mandate for policy comparisons.

Takes effect on the 180th day after enactment.