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NY A07234
Bill
Status
3/21/2025
Primary Sponsor
Vivian Cook
Click for details
AI Summary
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Requires insurers to provide a "Financial Review of Policy" form (minimum 10-point font) when issuing life insurance policies to applicants aged 60 and over that limit death benefits during an initial period or where accumulated premiums exceed death benefits within the first 10 years
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Mandates the disclosure form include a 10-year comparison table showing annual premiums, premiums accumulating at 5% interest, death benefits, cash surrender values, and net gain/loss calculations
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Requires notice informing consumers they may return the policy within 30 days for a full refund and that premiums may have been lower if health information had been obtained
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Allows consumers injured by violations to sue for damages up to three times actual damages or $100 (whichever is greater), plus reasonable attorney's fees
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Authorizes the Attorney General to seek injunctions against violators and impose civil penalties of up to $500 per violation
Legislative Description
Provides for limited death benefit life insurance policies for persons aged 60 and over; authorizes the attorney general to enforce provisions; requires an insurer to provide consumers with a prescribed "Financial Review of Policy" form when it delivers or issues for delivery in this state an insurance policy or a certificate of insurance for persons aged 60 and over.
Last Action
referred to insurance
1/7/2026