S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9927--A
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced  by M. of A. PAULIN, GOTTFRIED, SEPTIMO, MAGNARELLI, GUNTHER,
   JACOBSON, GALEF, McDONOUGH, DeSTEFANO, DURSO, K. BROWN --  Multi-Spon-
   sored by -- M.  of A. SIMON -- read once and referred to the Committee
   on  Insurance -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee
 
 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:
 
   Section 1. Section 3102 of the insurance law is amended  by  adding  a
 new subsection (g) to read as follows:
   (G)  POLICY SUMMARY.  (1) EVERY POLICY DESCRIBED IN PARAGRAPH THREE OR
 FOUR OF SUBSECTION (A) OF THIS SECTION SHALL BE ACCOMPANIED, WHEN DELIV-
 ERED TO A POLICYHOLDER IN THIS STATE, BY A DOCUMENT PRINTED IN RED  FONT
 AND IN TYPEFACE OF NO LESS THAN SIXTEEN POINT TYPE WHICH SETS FORTH: (A)
 THE  LIMITS  OF INSURANCE; (B) THE TERM OF THE POLICY; (C) THE AMOUNT OF
 ANNUAL PREMIUM TO BE PAID FOR THE POLICY; (D) THE AMOUNT OF ANY  DEDUCT-
 IBLE  OR DEDUCTIBLES APPLICABLE BEFORE THE POLICY WILL PROVIDE COVERAGE;
 (E) THE PRINCIPAL EXCLUSIONS FROM COVERAGE UNDER THE POLICY; AND (F) THE
 FOLLOWING STATEMENT: "THIS IS ONLY A SUMMARY OF YOUR POLICY.  ALL  TERMS
 AND  CONDITIONS  OF THE POLICY WILL GOVERN AS TO THE SCOPE AND AMOUNT OF
 COVERAGE UNDER THE POLICY. CONTACT YOUR AGENT, BROKER OR INSURER IF  YOU
 HAVE QUESTIONS". AN INSURER MAY USE THE DECLARATIONS PAGE OF A POLICY TO
 PROVIDE THE INFORMATION REQUIRED BY THIS SUBSECTION.
   (2)  THE  INFORMATION REQUIRED TO BE DELIVERED TO A POLICYHOLDER UNDER
 PARAGRAPH ONE OF THIS SECTION MAY BE PROVIDED BY AN AGENT OR  BROKER  SO
 AUTHORIZED  BY AN INSURER, AND MAY BE SENT ELECTRONICALLY TO THE POLICY-
 HOLDER IN ACCORDANCE WITH SECTION THREE  THOUSAND  FOUR  HUNDRED  FIFTY-
 EIGHT OF THIS CHAPTER.
   (3)  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  FROM  THE  ENACTMENT  OF THIS
 SUBSECTION THE SUPERINTENDENT SHALL ISSUE A  REGULATION  SPECIFYING  THE
 FILING AND APPROVAL REQUIREMENTS FOR THE DOCUMENT DESCRIBED IN PARAGRAPH
 ONE OF THIS SUBSECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14832-02-2
              

 A. 9927--A                          2
 
   (4) BEFORE ISSUING SUCH REGULATION THE SUPERINTENDENT SHALL APPOINT AN
 ADVISORY  COMMITTEE  ON  THE  SUMMARY OF KEY PERSONAL LINES PROPERTY AND
 CASUALTY POLICY PROVISIONS TO BE COMPRISED OF EQUAL NUMBER OF  REPRESEN-
 TATIVES  FROM  INSURERS  OR  INSURER ASSOCIATIONS, PRODUCERS OR PRODUCER
 ASSOCIATIONS,  CONSUMERS  OR CONSUMER ASSOCIATIONS, AND ACADEMIC EXPERTS
 ON INSURANCE REGULATION.  SUCH  ADVISORY  COMMITTEE  SHALL  SOLICIT  AND
 COMPILE  COMMENTS FROM THE PUBLIC ON THE CONTENT OF SUCH REGULATION AND,
 WITHIN TWO HUNDRED TEN DAYS OF THE ENACTMENT  OF  THIS  SUBSECTION  MAKE
 RECOMMENDATIONS  IN  WRITING  TO THE SUPERINTENDENT AS TO THE CONTENT OF
 SUCH REGULATION.
   (5) NO INSURER OR PRODUCER COMPLYING WITH  THIS  SUBSECTION  SHALL  BE
 REQUIRED  BY  THE  SUPERINTENDENT,  IN  ANY REGULATION, ORDER, DECISION,
 DETERMINATION OR OTHER COMMUNICATION, TO PROVIDE ANY ADDITIONAL  SUMMARY
 OF THE TERMS AND CONDITIONS OF THE POLICY TO A POLICYHOLDER.
   §  2. This act shall take effect on the first of October next succeed-
 ing the date on which it shall have become a law and shall apply to  all
 policies  and contracts issued, renewed, modified, altered or amended on
 or after such date.