Bill > S07286

This bill aims to simplify and expand the availability of term life insurance in New York by limiting the suitability information required for term life insurance policies. Specifically, for term life insurance policies with no cash value, insurers would only need to consider the customer's age and annual income when determining the suitability of a recommendation, rather than requiring more complex financial assessments. The bill also restricts the superintendent of insurance from creating or enforcing additional suitability standards beyond these two factors. The legislation prohibits the superintendent from imposing any regulations or rules that would require more extensive information for term life insurance policies, and it invalidates any existing regulations that conflict with these new provisions, particularly those in 11 NYCRR Part 224. The bill's legislative findings indicate that New York is lagging behind other states in term life insurance sales, and the goal is to create more opportunities for New Yorkers to obtain term life insurance by reducing regulatory barriers. The bill would take effect immediately upon passage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S7286