New York S04962 amends insurance law to clarify that certain services are not considered rebates unless they were the sole reason for purchasing the.

New York S04962 amends the insurance law to specify that certain services provided during the sale or renewal of an insurance policy will not be considered inducements or rebates unless the superintendent determines they were the sole reason for purchasing the policy. This applies to services offered by life insurance companies, accident and health insurers, licensed insurance brokers, and their representatives. The bill also prohibits offering or receiving any rebate of premium or policy fee, special favor, or advantage in dividends or benefits unless specifically allowed.

New York S04962 amends insurance law to clarify that certain services are not considered rebates unless they were the sole reason for purchasing the.

New York S04962 amends the insurance law to specify that certain services provided during the sale or renewal of an insurance policy will not be considered inducements or rebates unless the superintendent determines they were the sole reason for purchasing the policy. This applies to services offered by life insurance companies, accident and health insurers, licensed insurance brokers, and their representatives. The bill also prohibits offering or receiving any rebate of premium or policy fee, special favor, or advantage in dividends or benefits unless specifically allowed.