S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    536
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced by M. of A. PAULIN, SEPTIMO, MAGNARELLI, JACOBSON, McDONOUGH,
   DeSTEFANO,  DURSO, K. BROWN -- Multi-Sponsored by -- M. of A. SIMON --
   read once and referred to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to summaries of  readable
   and understandable insurance policies
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3102 of the insurance law is amended  by  adding  a
 new subsection (g) to read as follows:
   (G)  POLICY SUMMARY.  (1) EVERY POLICY DESCRIBED IN PARAGRAPH THREE OR
 FOUR OF SUBSECTION (A) OF THIS SECTION SHALL BE ACCOMPANIED, WHEN DELIV-
 ERED TO A POLICYHOLDER IN THIS STATE, BY A DOCUMENT PRINTED IN RED  FONT
 AND IN TYPEFACE OF NO LESS THAN SIXTEEN POINT TYPE WHICH SETS FORTH: (A)
 THE  LIMITS  OF INSURANCE; (B) THE TERM OF THE POLICY; (C) THE AMOUNT OF
 PREMIUM TO BE PAID FOR THE POLICY; (D) THE AMOUNT OF ANY  DEDUCTIBLE  OR
 DEDUCTIBLES  APPLICABLE BEFORE THE POLICY WILL PROVIDE COVERAGE; (E) THE
 PRINCIPAL EXCLUSIONS FROM COVERAGE UNDER THE POLICY; AND (F) THE FOLLOW-
 ING STATEMENT: "THIS IS ONLY A SUMMARY OF YOUR  POLICY.  ALL  TERMS  AND
 CONDITIONS  OF  THE  POLICY  WILL  GOVERN  AS TO THE SCOPE AND AMOUNT OF
 COVERAGE UNDER THE POLICY. CONTACT YOUR AGENT, BROKER OR INSURER IF  YOU
 HAVE QUESTIONS". AN INSURER MAY USE THE DECLARATIONS PAGE OF A POLICY TO
 PROVIDE THE INFORMATION REQUIRED BY THIS SUBSECTION.
   (2)  THE  INFORMATION REQUIRED TO BE DELIVERED TO A POLICYHOLDER UNDER
 PARAGRAPH ONE OF THIS SECTION MAY BE PROVIDED BY AN AGENT OR  BROKER  SO
 AUTHORIZED  BY AN INSURER, AND MAY BE SENT ELECTRONICALLY TO THE POLICY-
 HOLDER IN ACCORDANCE WITH SECTION THREE  THOUSAND  FOUR  HUNDRED  FIFTY-
 EIGHT OF THIS CHAPTER.
   (3)  WITHIN  ONE  HUNDRED  EIGHTY  DAYS  FROM  THE  ENACTMENT  OF THIS
 SUBSECTION THE SUPERINTENDENT SHALL ISSUE A  REGULATION  SPECIFYING  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02604-01-5
              

 A. 536                              2
 
 WORDING,  FILING AND APPROVAL REQUIREMENTS FOR THE DOCUMENT DESCRIBED IN
 PARAGRAPH ONE OF THIS SUBSECTION.
   (4) BEFORE ISSUING SUCH REGULATION THE SUPERINTENDENT SHALL APPOINT AN
 ADVISORY  COMMITTEE  ON  THE  SUMMARY OF KEY PERSONAL LINES PROPERTY AND
 CASUALTY POLICY PROVISIONS TO BE COMPRISED OF EQUAL NUMBER OF  REPRESEN-
 TATIVES  FROM  INSURERS  OR  INSURER ASSOCIATIONS, PRODUCERS OR PRODUCER
 ASSOCIATIONS, CONSUMERS OR CONSUMER ASSOCIATIONS, AND  ACADEMIC  EXPERTS
 ON  INSURANCE  REGULATION.  SUCH  ADVISORY  COMMITTEE  SHALL SOLICIT AND
 REVIEW COMMENTS FROM THE PUBLIC ON THE CONTENT OF SUCH  REGULATION  AND,
 WITHIN  TWO  HUNDRED  TEN  DAYS OF THE ENACTMENT OF THIS SUBSECTION MAKE
 RECOMMENDATIONS IN WRITING TO THE SUPERINTENDENT AS TO  THE  CONTENT  OF
 SUCH REGULATION.
   (5)  NO  INSURER  OR  PRODUCER COMPLYING WITH THIS SUBSECTION SHALL BE
 REQUIRED BY THE SUPERINTENDENT,  IN  ANY  REGULATION,  ORDER,  DECISION,
 DETERMINATION  OR OTHER COMMUNICATION, TO PROVIDE ANY ADDITIONAL SUMMARY
 OF THE TERMS AND CONDITIONS OF THE POLICY TO A POLICYHOLDER.
   § 2. This act shall take effect on the first of October next  succeed-
 ing  the date on which it shall have become a law and shall apply to all
 policies and contracts issued, renewed, modified, altered or amended  on
 or after such date.