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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
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Sponsor's memo
BILL NUMBER:S3064
Title of bill
An act to amend the insurance law, in relation to remov- ing the requirement for advertisements referring to an insurer to include the insurer's full name and principal office and making techni- cal corrections related thereto
Purpose
The bill would amend the insurance law by deleting the require- ment for advertisements referring to an insurer to include the insurer's full name and principal office.
Summary of provisions
Section 1 of the bill deletes the requirement in Section 2122(b) of the Insurance Law for agents and brokers to display the insurer's full name and the name of the city, town or village of its principal office in advertisements that refer to an insurer
Section 2 is the effective date
Justification
The bill modernizes the Insurance Law by removing outdated, burdensome, and unnecessary requirements related to advertise- ments by insurance producers.
Section 1 removes an outdated provision of the Insurance Law requiring that when producers use advertisements that refer to an insurer, the advertisement must display the insurer's full name and the name of the city, town or village of the insurer's principal office. This outdated law serves no public policy purpose in today's modern society and is unnecessarily burdensome upon producers who must clutter phone book advertisements and internet web pages with meaningless text. The law may have been helpful to consumers in the days before widespread advertising on television and the internet. Today, the vast majority of consumers can identify insurers from company logos and other common names or abbreviations that may not necessarily encompass the insurer's full name. There is also no particular reason for advertisements to display the location of an insurer's principal office Consumers are more concerned with the location of the company representative who will provide them with service.
Legislative history
S.6809 of 2011-12 - referred to insurance S.7380/A.11286 of 2009-2010 - referred to insurance
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.