Bill > A07252

This bill aims to simplify and expand term life insurance availability in New York by restricting the information required to determine insurance suitability. Specifically, the bill limits the suitability assessment for term life insurance policies (which have no cash value) to only two pieces of information: the customer's age and annual income. The bill also prohibits the state insurance superintendent from creating or enforcing any additional suitability standards beyond these two factors. The legislation is motivated by the legislature's finding that New York is lagging behind other states in term life insurance sales and seeks to create more opportunities for New Yorkers to obtain such policies. The bill nullifies any existing regulations that conflict with this new approach, particularly targeting provisions in 11 NYCRR Part 224, and requires the superintendent to amend these regulations through a consensus regulatory process. By reducing administrative barriers and simplifying the insurance assessment process, the bill intends to make term life insurance more accessible and easier to purchase in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7252