New York A07252 amends the insurance law to limit term life insurance suitability information to age and annual income and restricts the.
New York A07252 amends the insurance law by adding sections 4227 and 4227-a. Section 4227 specifies that for term life insurance policies, the information needed to determine suitability is limited to age and annual income. Section 4227-a prohibits the superintendent from creating or enforcing any regulations or orders that impose additional suitability standards for term life insurance purchases. Any existing regulations contrary to this provision are null and void. The act aims to increase the availability of term life insurance in New York.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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