Bill Summary: A05883 - New York Travel Insurance Act

• Establishes comprehensive regulatory framework for travel insurance sales in New York, creating licensing requirements for limited lines travel insurance producers and registration requirements for travel retailers.

• Defines travel insurance to cover personal risks incident to planned travel including trip cancellation, baggage loss, medical emergencies during travel, emergency evacuation, and repatriation of remains.

• Requires travel insurance providers to disclose material terms, filing procedures, cancellation processes, and insurer contact information to purchasers, and prohibits negative option/opt-out enrollment methods.

• Mandates travel insurers pay premium taxes on policies sold to New York residents and requires documentation of policyholder residency for tax compliance purposes.

• Allows travel protection plans combining insurance, travel assistance services, and cancellation fee waivers to be offered at a single price if clearly disclosed with separate pricing information available to consumers.