New York S05330 allows insurers to offer no or low cost loss prevention programs to policyholders, subject to regulatory approval.
New York S05330 amends the insurance law to permit insurers to provide loss mitigation or loss control programs at no or reduced cost to policyholders, in accordance with regulations set by the superintendent. This change aims to enhance policyholder protection and risk management. Violations of this provision will incur a penalty of five hundred dollars per violation, in addition to any other legal penalties. The act takes effect immediately upon enactment.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.