New York S06562 amends laws to regulate preneed insurance premiums and disclosures.

New York S06562 amends the general business law, insurance law, and public health law to regulate preneed insurance premiums and disclosures. The bill prohibits funeral directors from accepting commissions or valuable considerations for soliciting or procuring funeral patronage. It also mandates that preneed life insurance policies must be disclosed at the time of application, including details on the policy's funding of the prearrangement, potential penalties, and the nature of the policy's relationship to the prearrangement.

New York S06562 amends laws to regulate preneed insurance premiums and disclosures.

New York S06562 amends the general business law, insurance law, and public health law to regulate preneed insurance premiums and disclosures. The bill prohibits funeral directors from accepting commissions or valuable considerations for soliciting or procuring funeral patronage. It also mandates that preneed life insurance policies must be disclosed at the time of application, including details on the policy's funding of the prearrangement, potential penalties, and the nature of the policy's relationship to the prearrangement.