Clarifies who may sue an insurer for violations related to misrepresentations, misleading statements and incomplete comparisons

Summary

The bill changes the insurance code so that an insurer that knowingly breaks the law or takes premiums from such a breach must pay a penalty equal to that premium or compensation. Any New York resident, policyholder, contract holder, certificate holder, or beneficiary can bring a lawsuit to recover that penalty for their own benefit. The amendment takes effect right away.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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