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NY A05393
Bill
Status
Introduced
3/10/2023
Primary Sponsor
Vivian Cook
Click for details
AI Summary
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Requires insurance agents to fully explain all terms and conditions of policy loans to policyholders
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Mandates that all policy loan terms and conditions be provided in writing using at least ten point type
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Requires policy loan documents to be signed by both the insured and the insurance agent
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Takes effect 60 days after enactment and applies to all policies issued, reviewed, or modified on or after the effective date
Legislative Description
Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.
Last Action
referred to insurance
1/3/2024
Committee Referrals
Insurance3/10/2023
Full Bill Text
No bill text available