New York State Assembly

 
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A02741 Summary:

A02741 Actions:

A02741 Committee Votes:

Committee:INSURANCE   Chair:Weprin      
DATE:03/22/2023AYE/NAY:18/5  Action: Favorable         
Weprin
Aye
Blankenbush
Nay
Cook
Aye
Hawley
Nay
Pretlow
Aye
Palmesano
Nay
Lavine
Aye
Gandolfo
Nay
Steck
Aye
Curran
Nay
Dilan
Aye
Jensen
Aye
Hunter
Aye
Blumencranz
Aye
Rosenthal
Absent
Bendett
Aye
Stern
Aye
Jacobson
Aye
Meeks
Aye
Forrest
Aye
Anderson
Aye
Cruz
Aye
Bores
Aye
Lunsford
Aye

A02741 Floor Votes:

A02741 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2741
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 27, 2023
                                       ___________
 
        Introduced  by  M. of A. PAULIN, SEPTIMO, MAGNARELLI, GUNTHER, JACOBSON,
          McDONOUGH, DeSTEFANO, DURSO, K. BROWN -- Multi-Sponsored by --  M.  of
          A. SIMON -- read once and referred to the Committee on Insurance
 
        AN  ACT to amend the insurance law, in relation to summaries of readable
          and understandable insurance policies

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  3102 of the insurance law is amended by adding a
     2  new subsection (g) to read as follows:
     3    (g) Policy summary.  (1) Every policy described in paragraph three  or
     4  four of subsection (a) of this section shall be accompanied, when deliv-
     5  ered  to a policyholder in this state, by a document printed in red font
     6  and in typeface of no less than sixteen point type which sets forth: (A)
     7  the limits of insurance; (B) the term of the policy; (C) the  amount  of
     8  premium  to  be paid for the policy; (D) the amount of any deductible or
     9  deductibles applicable before the policy will provide coverage; (E)  the
    10  principal exclusions from coverage under the policy; and (F) the follow-
    11  ing  statement:  "THIS  IS  ONLY A SUMMARY OF YOUR POLICY. ALL TERMS AND
    12  CONDITIONS OF THE POLICY WILL GOVERN AS  TO  THE  SCOPE  AND  AMOUNT  OF
    13  COVERAGE  UNDER THE POLICY. CONTACT YOUR AGENT, BROKER OR INSURER IF YOU
    14  HAVE QUESTIONS". An insurer may use the declarations page of a policy to
    15  provide the information required by this subsection.
    16    (2) The information required to be delivered to a  policyholder  under
    17  paragraph  one  of this section may be provided by an agent or broker so
    18  authorized by an insurer, and may be sent electronically to the  policy-
    19  holder  in  accordance  with  section three thousand four hundred fifty-
    20  eight of this chapter.
    21    (3) Within  one  hundred  eighty  days  from  the  enactment  of  this
    22  subsection  the  superintendent  shall issue a regulation specifying the
    23  wording, filing and approval requirements for the document described  in
    24  paragraph one of this subsection.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05725-02-3
        A. 2741                             2
 
     1    (4) Before issuing such regulation the superintendent shall appoint an
     2  advisory  committee  on  the  summary of key personal lines property and
     3  casualty policy provisions to be comprised of equal number of  represen-
     4  tatives  from  insurers  or  insurer associations, producers or producer
     5  associations,  consumers  or consumer associations, and academic experts
     6  on insurance regulation.  Such  advisory  committee  shall  solicit  and
     7  review  comments  from the public on the content of such regulation and,
     8  within two hundred ten days of the enactment  of  this  subsection  make
     9  recommendations  in  writing  to the superintendent as to the content of
    10  such regulation.
    11    (5) No insurer or producer complying with  this  subsection  shall  be
    12  required  by  the  superintendent,  in  any regulation, order, decision,
    13  determination or other communication, to provide any additional  summary
    14  of the terms and conditions of the policy to a policyholder.
    15    §  2. This act shall take effect on the first of October next succeed-
    16  ing the date on which it shall have become a law and shall apply to  all
    17  policies  and contracts issued, renewed, modified, altered or amended on
    18  or after such date.