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NY A05081
Bill
Status
2/12/2025
Primary Sponsor
Pamela Hunter
Click for details
AI Summary
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Amends Insurance Law section 4224 to create an exception to anti-rebating rules for life, accident, and health insurance companies and their representatives
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Permits insurers, agents, and brokers to offer services as part of insurance policy sales or renewals without violating rebating prohibitions, even if those services are not specified in the policy or contract
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Requires that any such services must be offered in a non-discriminatory manner to all similarly situated insureds or potential insureds
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Services would only be considered prohibited inducements if the superintendent determines, after notice and hearing, that the services were the sole reason for purchasing the policy and the purchase would not have occurred otherwise
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Takes effect 60 days after becoming law
Legislative Description
Relates to prohibitions on rebating and discrimination in rates and payments under insurance policies; provides that certain services shall not be considered to be an inducement or rebate unless the superintendent determines that the offer and sale of such services constituted the sole reason for the purchase of such insurance policy.
Last Action
referred to insurance
1/7/2026