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NY A05964
Bill
Status
3/24/2023
Primary Sponsor
Vivian Cook
Click for details
AI Summary
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Requires insurers to provide a "Financial Review of Policy" form (minimum 10-point font) to applicants aged 60 and over when delivering life insurance policies that limit death benefits or where accumulated premiums exceed the death benefit within the first ten years.
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The required form must display a ten-year table showing annual premiums, accumulated premiums at 5% interest, death benefits, cash surrender value, and net gain or loss comparisons.
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Includes a 30-day free return period allowing consumers to return policies for a full refund of premiums if not satisfied.
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Permits consumers injured by violations to sue for damages up to three times actual damages or $100, whichever is greater, with court-awarded attorney's fees available.
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Authorizes the Attorney General to seek injunctive relief and civil penalties of up to $500 per violation for non-compliance.
Legislative Description
Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires an insurer to provide consumers with a prescribed "Financial Review of Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.
Last Action
referred to insurance
1/3/2024