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Sponsors
No co-sponsors yet.
History
- Substituted by A8251
- Ordered to third reading cal.1505
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to disclosures by limited licensees
Vetoed · Sponsor Edward Braunstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5747
Title of bill
An act to amend the insurance law, in relation to disclosures by limited licensees
Purpose or general idea of bill
To clarify the disclosure requirements for wireless communications equipment insurance companies.
Summary of specific provisions
The bill amends section 2131 which sets forth the requirements, including disclosures, of limited licensees which can offer insurance for wireless communications equipment.
Justification
The wireless communications vendor ("wireless vendor") is licensed as a "limited licensee" under Section 2131 of the Insurance Law. As required under §2131(e) (2), when the wireless vendor offers the purchaser of wireless communications equipment the option of purchasing wireless communications equipment insurance, the wireless vendor makes available to the purchaser written materials summarizing the material terms of the insurance. coverage, including the name of the insurer and the agent licensed under section 2103(b) of the Insurance Law. Additionally, such materials indicate that this product may be a duplication of coverage already provided by a renter's, homeowner's, automobile, or other liability insurance. This transaction occurs at a kiosk or electronics store in which the consumer may purchase wireless communication equipment. The materials and disclosures required to be provided to the consumer here were tailored in statute to fit into this unique transaction.
The information necessary to affect whether or not to purchase the coverage is presented to the consumer by the wireless vendor is a unique transaction in which only one insurance product is offered, and the consumer only had to decide whether or not to include the product with their purchase of the wireless device. The consumer does not have to weigh competing products or coverage levels. They need to know terms, cost, and procedure, all of which is provided in the disclosures required in §2131.
The disclosures provided in the current law have been identified as necessary and comprehensive for this type of transaction.
This fast, convenient transaction would be burdened with a stack of materials required to be given to consumers yet lacking any information that would benefit them or assist them in making the one decision they make, whether, or not to purchase the one insurance plan offered with their wireless communication device. Thus, this bill assures that the current set of disclosures required of limited licensees contains the information necessary for the consumer to make their decision and continues the ample and specifically devised disclosure and consider protection already existent in §2131 of the Insurance Law.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.