Bill > S05180

This bill amends the New York General Business Law by introducing a new article requiring insurers to provide a detailed "Financial Review of Policy" form for life insurance policies issued to individuals aged 60 and over with limited death benefits. The form must clearly outline potential financial implications, including annual premiums, potential interest earnings, death benefits, cash surrender value, and a net gain/loss analysis. Consumers must be informed that they can return the policy within 30 days for a full refund if unsatisfied. The bill also provides legal protections for consumers, allowing them to sue for damages if an insurer violates the requirements, with potential compensation of up to three times actual damages or $100, whichever is greater. Additionally, the Attorney General is authorized to seek injunctions against insurers who violate the law, with the potential for civil penalties of up to $500 per violation. The purpose of the bill appears to be protecting older consumers by ensuring they have transparent, comprehensive information about the financial characteristics of limited death benefit life insurance policies before purchasing them.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5180