NY S07748

Amends insurance law to define "wireless communications equipment protection plan" as an optional plan offered by licensed vendors that may include insurance coverage, service contracts, upgrade programs, technical support, and other superintendent-approved services.

Permits group wireless communications equipment insurance policies to be issued only by authorized insurers to wireless communications equipment vendors on a stand-alone basis or as part of a protection plan, with premiums paid by the vendor, plan members, or both.

Requires insurers to provide at least 60 days notice before terminating or changing policy terms, with exceptions for non-payment (15 days), fraud, loss of active service, or exhaustion of coverage limits.

Allows insurers to terminate insurance certificates when a protection plan member ends their plan if the member was provided clear notice at purchase that insurance coverage would cease with plan termination; insurers may offer the option to purchase stand-alone coverage.

Requires policyholders to provide at least 30 days written notice to certificate holders when terminating a group policy and authorizes the superintendent to promulgate regulations governing policy terms, conditions, and plan inclusion.