NY A01572

Requires the Superintendent of Financial Services to promulgate regulations within six months establishing standardized definitions for commonly used terms and phrases in personal lines insurance policies

Mandates similar standardized definitions for commercial lines insurance policies covering loss or damage to real property, personal property, or other property-related liabilities

Standardized terms must be used in all applicable policies issued or delivered in New York on or after the date regulations are finalized, no later than January 1, 2027

Allows insurers to use alternative definitions only if they are not less favorable to the policyholder or claimant, as determined by the superintendent

Takes effect immediately upon enactment