New York S04963 requires the superintendent to create standardized definitions for terms in certain insurance policies.

New York S04963 mandates the superintendent to promulgate regulations providing standardized definitions for commonly used terms and phrases in personal and commercial lines insurance policies. These definitions must be used in policies issued or delivered in New York after the regulations are finalized, no later than January 1, 2027. Insurers may use alternative definitions if they are not less favorable to the policyholder or claimant, as determined by the superintendent.

New York S04963 requires the superintendent to create standardized definitions for terms in certain insurance policies.

New York S04963 mandates the superintendent to promulgate regulations providing standardized definitions for commonly used terms and phrases in personal and commercial lines insurance policies. These definitions must be used in policies issued or delivered in New York after the regulations are finalized, no later than January 1, 2027. Insurers may use alternative definitions if they are not less favorable to the policyholder or claimant, as determined by the superintendent.