Senate Bill S3241A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3241--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2025
                                ___________
 
 Introduced by Sens. COONEY, MAYER -- read twice and ordered printed, and
   when  printed to be committed to the Committee on Insurance -- commit-
   tee discharged, bill amended, ordered reprinted as amended and  recom-
   mitted 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
 PREMIUM  TO  BE PAID FOR THE POLICY; (D) THE AMOUNT OF ANY DEDUCTIBLE OR
 DEDUCTIBLES APPLICABLE BEFORE THE POLICY WILL PROVIDE COVERAGE; (E)  THE
 PRINCIPAL EXCLUSIONS FROM COVERAGE UNDER THE POLICY; AND (F) THE FOLLOW-
 ING  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 SUBSECTION MAY BE PROVIDED BY AN AGENT OR BROKER
 SO AUTHORIZED BY AN INSURER, AND MAY BE SENT ELECTRONICALLY TO THE POLI-
 CYHOLDER IN ACCORDANCE WITH SECTION THREE THOUSAND FOUR  HUNDRED  FIFTY-
 EIGHT OF THIS CHAPTER.
   (3)  THE  SUPERINTENDENT SHALL ISSUE A REGULATION SPECIFYING THE WORD-
 ING, FILING AND APPROVAL REQUIREMENTS  FOR  THE  DOCUMENT  DESCRIBED  IN
 PARAGRAPH  ONE  OF THIS SUBSECTION WITHIN ONE HUNDRED EIGHTY DAYS OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02604-03-5
              

 S. 3241--A                          2
 
 ADVISORY COMMITTEE MAKING THEIR RECOMMENDATIONS IN ACCORDANCE WITH PARA-
 GRAPH FOUR OF THIS SUBSECTION.
   (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
 REVIEW 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.