New York A01572 requires the superintendent to create standardized definitions for certain insurance policies.

New York A01572 mandates the superintendent of financial services to establish standardized definitions for commonly used terms and phrases in certain insurance policies. These definitions must be used in policies issued or delivered in the state after the regulations are finalized, no later than January 1, 2027. Insurers may use alternative definitions if they are not less favorable to policyholders or claimants, as determined by the superintendent.

New York A01572 requires the superintendent to create standardized definitions for certain insurance policies.

New York A01572 mandates the superintendent of financial services to establish standardized definitions for commonly used terms and phrases in certain insurance policies. These definitions must be used in policies issued or delivered in the state after the regulations are finalized, no later than January 1, 2027. Insurers may use alternative definitions if they are not less favorable to policyholders or claimants, as determined by the superintendent.