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NY A06833
Bill
Status
3/4/2026
Primary Sponsor
Vivian Cook
Click for details
AI Summary
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Requires insurance agents to fully explain all terms and conditions of policy loans to policyholders and provide a signed statement confirming this explanation
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Mandates that all policy loan terms and conditions be provided in writing using at least 10-point type
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Requires both the insured and the insurance agent to sign the policy loan documentation
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Takes effect 60 days after becoming law and applies to policies issued, renewed, or modified after that date
Legislative Description
Requires the terms and conditions of any individual life insurance policy loan to be in writing, be signed by the insured and the agent and contain a signed statement that the agent has explained the terms to the policyholder.
Last Action
REFERRED TO INSURANCE
3/4/2026