Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulation be consistent with policies of the national association of insurance commissioners.
S T A T E O F N E W Y O R K
________________________________________________________________________
9688
I N A S S E M B L Y
March 28, 2022
___________
Introduced by M. of A. STECK -- read once and referred to the Committee
on Insurance
AN ACT to amend the insurance law, in relation to the replacement of
individual life insurance policies or individual annuity contracts of
any insurer
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The section heading and subsections (a), (b) and (c) of
section 2123 of the insurance law, subsection (a) as amended by section
37-a of part D of chapter 56 of the laws of 2013, subsections (b) and
(c) as amended by chapter 540 of the laws of 1996, are amended to read
as follows:
Misrepresentations[,] AND misleading statements [and incomplete
comparisons]. (a) (1) No agent or representative of any insurer or
health maintenance organization authorized to transact life, accident or
health insurance or health maintenance organization business in this
state, insurance broker, person who has received a grant from and has
been certified by the health benefit exchange established pursuant to
section 1311 of the Affordable Care Act, 42 U.S.C. § 18031, to act as a
navigator, including any person employed by a certified navigator, or
other person, firm, association or corporation, shall issue or circulate
or cause or permit to be issued or circulated, any illustration, circu-
lar, statement or memorandum misrepresenting the terms, benefits or
advantages of any policy or contract of life, accident or health insur-
ance, any annuity contract or any health maintenance organization
contract, delivered or issued for delivery or to be delivered or issued
for delivery, in this state, or shall make any misleading estimate as to
the dividends or share of surplus or additional amounts to be received
in the future on such policy or contract, or shall make any false or
misleading statement as to the dividends or share of surplus or addi-
tional amounts previously paid by any such insurer or health maintenance
organization on similar policies or contracts, or shall make any
misleading representation, or any misrepresentation, as to the financial
condition of any such insurer or health maintenance organization, or as
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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