Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.
Requires notification to insureds that an out-of-network physician may be used in their procedure, test or surgery and such physician's services shall not be covered by their insurance policy; such services must be covered if the insured person does not receive notification prior to such services or procedure.
Relates to gender indication on insurance claim forms; provides policies shall not exclude coverage if gender indication is different from sex assigned at birth or gender otherwise recorded.
Reduces the minimum nonforfeiture interest rate for annuities from one percent to one half of one percent for annuities during the surrender charge period, and from one percent to fifteen hundredths of one percent during any contract period with no surrender charge.
Creates the New York flood insurance association which will consist of all insurers authorized to write and engaged in writing within this state, on a direct basis, flood coverage insurance.
Authorizes life insurers to establish wellness programs in conjunction with the issuance of life insurance policies; provides for full or partial reimbursement for the cost of a device and associated subscription that can be used to track activity or biometric data; provides for discounts on life insurance and on products or services intended to incent positive behavioral changes.
Allows for certain notices related to property/casualty insurance contracts under the workers' compensation law and the vehicle and traffic law to be delivered by electronic means.
Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.