Bill > S03241

This bill amends the New York insurance law to require that certain insurance policies be accompanied by a clear, standardized summary document when delivered to policyholders. The summary must be printed in red font with a minimum 16-point typeface and include six key pieces of information: (1) insurance limits, (2) policy term, (3) premium amount, (4) deductible amounts, (5) principal coverage exclusions, and (6) a specific disclaimer statement alerting consumers that the summary is not the full policy. The bill mandates that the superintendent of insurance create an advisory committee with balanced representation from insurers, producers (agents/brokers), consumers, and academic experts to help develop regulations for these policy summaries within 210 days. The advisory committee will solicit public input and make recommendations about the summary's content. Insurers and producers who comply with this new requirement will be exempt from providing additional policy summaries. The bill will take effect on October 1st following its passage and will apply to all insurance policies issued, renewed, or modified on or after that date, with the goal of making insurance policy information more accessible and understandable to consumers.

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https://www.nysenate.gov/legislation/bills/2025/S3241