Bill > A04173

This bill amends the New York insurance law to allow insurance companies more flexibility when interacting with insurance brokers by explicitly stating that companies are not legally bound by any memorandum or contract when examining, appraising, reviewing, or evaluating insurance policies, bonds, annuities, pension plans, profit-sharing programs, or when receiving recommendations or advice from insurance brokers. In practical terms, this means an insurance company can review and assess insurance quotes and related materials from a broker without being obligated to enter into a binding agreement or contract with that broker. The legislation provides companies with greater discretion in their interactions with insurance brokers, potentially giving them more freedom to shop around and compare quotes without legal constraints. The bill will take effect 60 days after it becomes law, providing a standard transition period for implementation.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A4173