New York S 7286: Relates to providing accidental disability retirement benefits for fire protection specialists

Bill Text

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S07286 Summary:

BILL NOS07286 

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SAME ASSAME AS A07252-A

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SPONSORBAILEY

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COSPNSRADDABBO, CANZONERI-FITZPATRICK, COONEY, FERNANDEZ, GALLIVAN, HELMING, MARTINEZ, MARTINS, MATTERA,
 PALUMBO, RHOADS, RYAN C

&nbsp

MLTSPNSR

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Add §§4227 & 4227-a, Ins L

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Relates to term life insurance suitability information and the limiting of regulations or orders promulgated by the superintendent related thereto.

Go to top S07286 Actions:

BILL NOS07286 

&nbsp

04/08/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS07286 Committee&nbspVotes:

Go to topS07286 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07286 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7286

 2025-2026 Regular Sessions

 IN SENATE

 April 8, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to term life insurance
 suitability information and the limiting of certain regulations or
 orders promulgated by the superintendent related thereto

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative findings and intent. The legislature hereby
 2 finds that term life insurance products are a primary vehicle for the
 3 financial security and protection of the families of many New Yorkers.
 4 Furthermore, the legislature finds that New York is trailing behind the
 5 rest of the country in the sale of term life insurance products. There-
 6 fore, it is the intent of the legislature to help to create more oppor-
 7 tunities for the availability of term life insurance policies in New
 8 York.
 9 § 2. The insurance law is amended by adding two new sections 4227 and
 10 4227-a to read as follows:
 11 § 4227. Term life insurance suitability information. For a policy
 12 solely providing term life insurance, as defined in this chapter, with
 13 no cash value, the information that is reasonably appropriate to deter-
 14 mine the suitability of a recommendation commensurate with the material-
 15 ity of the transaction to a consumer's financial situation at the time
 16 of the recommendation and the complexity of the transaction recommended
 17 shall be limited to age and annual income.
 18 § 4227-a. Limitations on the superintendent. (a) Notwithstanding any
 19 other provision of law, the superintendent is prohibited from promulgat-
 20 ing any regulation, rule, advisory or otherwise imposing any suitability
 21 standard, or enforcing any such regulation, rule, advisory or otherwise,
 22 in conjunction with the purchase of a term life insurance policy, as
 23 that term is defined in this chapter, or in conjunction with the exer-
 24 cise of any right or contractual option or amendment pursuant to the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10416-03-5

 S. 7286 2

 1 provisions of any such policy, that would include suitability informa-
 2 tion not described in section four thousand two hundred twenty-seven of
 3 this article.
 4 (b) Any provision of the superintendent's regulations or orders in
 5 effect on the effective date of this section which may be contrary to
 6 this section shall be deemed null and void. Particularly, any provision
 7 of 11 NYCRR Part 224 contrary to this section shall be null and void and
 8 the superintendent shall amend such regulation accordingly, by the
 9 consensus regulatory process.
 10 § 3. This act shall take effect immediately.

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