Limits certain regulations or orders promulgated by the superintendent related to term life insurance

This bill limits the New York State Insurance Superintendent's authority to create or enforce suitability requirements for term life insurance policies (which have no cash value). It requires that suitability assessments for such policies only consider a consumer's age and annual income, prohibiting any additional factors. The bill nullifies existing regulations (like 11 NYCRR Part 224) that conflict with this rule, directly affecting insurance agents, companies selling term life insurance, and consumers purchasing these policies in New York. It aims to increase term life insurance availability by reducing regulatory barriers.