Bill > A00536

This bill requires insurance companies to provide a clear, concise summary document with each insurance policy delivered to policyholders in New York State. The summary must be printed in red font, using at least 16-point type, and include six key pieces of information: the insurance policy's limits, term length, premium amount, deductible amounts, principal coverage exclusions, and a standardized disclaimer statement noting that the summary is not the full policy. An insurance agent or broker can provide this summary, which may be sent electronically. Before implementing these requirements, the state's insurance superintendent must first convene an advisory committee with equal representation from insurers, producers (agents/brokers), consumers, and academic experts on insurance regulation. The committee will review and make recommendations about the summary's content, and the superintendent will then issue specific regulations about the summary's wording and filing requirements. Importantly, once an insurer complies with these summary requirements, they cannot be required to provide additional policy summaries. The bill will take effect on the first of October following its passage and will apply to all insurance policies issued, renewed, or modified on or after that date.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A536