NY A08504

Defines "wellness program" to exclude limited benefits health insurance and clarifies that participation must be voluntary with equal expectation of life for similarly-situated insureds.

Requires insurers to provide prominent disclosure to life insurance applicants that wellness programs are not health insurance and should not substitute for health insurance purchases.

Permits rewards and incentives for wellness program participation including reimbursements for preventive care, fitness programs, smoking cessation, stress management, wearable devices, and gift cards for healthy behaviors.

Establishes that life insurance wellness program rewards must be based on sound actuarial principles and requires accident and health insurance rewards to meet federal requirements under 45 CFR Part 146.

Mandates that insurers collecting personal health information through wellness programs comply with all state and federal privacy laws, allow participants to access and correct their information, and maintain supervision over any third-party administrators.