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NY A00854
Bill
Status
1/8/2025
Primary Sponsor
Phillip Steck
Click for details
AI Summary
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Requires New York's Superintendent of Insurance to promulgate regulations on life insurance and annuity contract replacements that are consistent with the National Association of Insurance Commissioners' model replacements regulation
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Removes the requirement for insurers to exchange "illustrative and cost information" needed to complete comparisons between proposed and replaced coverage
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Eliminates provisions defining "incomplete comparisons" of insurance policies, replacing references with "incomplete or misleading representation"
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Maintains the 60-day period following issuance of replacement policies during which contract owners may return new policies and reinstate replaced coverage
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Takes effect 180 days after becoming law
Legislative Description
Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulation be consistent with policies of the national association of insurance commissioners.
Last Action
referred to insurance
1/7/2026