Regards insurance transactions, plans, and policies
What changed between versions
Added a new section creating a license for 'unaffiliated insurance agents' who work as independent consultants analyzing policies or providing advice, distinct from traditional agents.
Established new rules prohibiting repair shops from requiring consumers to sign contracts that waive legal rights, pay legal fees, or prevent title transfers.
Updated consent requirements for switching natural gas or telecommunications providers to ensure verified consumer consent is obtained before a provider change occurs.
Revised investment limits and rules for domestic life insurance companies, including new restrictions on foreign currency investments and preferred stock holdings.
Required insurers to file a 'derivative use plan' with the superintendent before engaging in certain financial derivative transactions.
Added extensive new definitions related to insurance terms, including 'in-person assister,' 'unaffiliated insurance agent,' and various investment classifications.
Clarified that violations of the new repair facility section constitute deceptive acts subject to penalties under existing consumer protection laws.
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