New York S03862 mandates written terms for life insurance policy loans, signed by both the insured and the agent, and requires the agent to confirm.

New York S03862 amends the insurance law to require that all terms and conditions of any individual life insurance policy loan must be in writing, in at least ten point type, and signed by both the insured and the agent. Additionally, the agent must sign a statement confirming that they have explained the terms to the policyholder. This act applies to all policies issued, reviewed, or modified after the effective date, which is 60 days after the law becomes effective.

New York S03862 mandates written terms for life insurance policy loans, signed by both the insured and the agent, and requires the agent to confirm.

New York S03862 amends the insurance law to require that all terms and conditions of any individual life insurance policy loan must be in writing, in at least ten point type, and signed by both the insured and the agent. Additionally, the agent must sign a statement confirming that they have explained the terms to the policyholder. This act applies to all policies issued, reviewed, or modified after the effective date, which is 60 days after the law becomes effective.