Requires the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies

Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

VETO MESSAGE - No. 35 TO THE ASSEMBLY: I am returning herewith, without my approval, the following bill: Assembly Bill Number 1572, entitled: "AN ACT to amend the insurance law, in relation to requiring the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies" NOT APPROVED This bill would require the Superintendent of Financial Services to promulgate regulations establishing standardized definitions for common- ly used terms in personal and commercial property/casualty policies and require their use in all such policies issued or delivered in New York. The bill is intended to provide clarity to policyholders, for whom commonly used terms and phrases can have different meanings when used in different policies. While well-intentioned, not all insurance policies are structured ...