Bill > S05304

This bill enacts the "New York travel insurance act," which creates a comprehensive regulatory framework for travel insurance in New York State. The legislation establishes detailed definitions and rules for travel insurance producers, travel retailers, and travel administrators, covering aspects such as licensing, sales practices, and premium taxation. Key provisions include requiring limited lines travel insurance producers to register travel retailers, mandating specific training and disclosure requirements, and establishing guidelines for how travel insurance can be marketed and sold. The bill defines travel insurance broadly to include coverage for trip interruptions, baggage loss, medical emergencies, and other travel-related risks, while explicitly distinguishing it from major medical plans and travel assistance services. The act also specifies that travel insurance can be offered as individual, group, or blanket policies, and sets rules about how these policies can be marketed, such as prohibiting negative option sales and requiring clear disclosures about coverage. Additionally, the legislation provides guidance on premium taxation, ensuring that insurers pay taxes based on the policyholder's state of residence, and gives the superintendent of financial services authority to create implementing regulations.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5304