Bill > A01572

This bill requires the superintendent of financial services to create standardized definitions for common terms and phrases in two types of insurance policies: personal lines insurance (such as homeowners or auto insurance) and commercial lines insurance policies covering property damage or liability. Within six months of the bill's effective date, the superintendent must develop these standardized definitions through regulations, which must be finalized by January 1, 2027. Insurance companies will be required to use these standardized terms in new policies issued or delivered in New York after the regulations are finalized, though they may use alternative definitions as long as those definitions are not less favorable to policyholders or claimants, as determined by the superintendent. The goal of this bill is to increase clarity and consistency in insurance policy language, making it easier for consumers to understand the terms of their insurance coverage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A1572