NY Gen Oblig L § 5-1502F (2021)
2021 New York Laws GOB - General Obligations Article 5 - Creation, Definition and Enforcement of Contractual Obligations Title 15 - Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning 5-1502F - Construction--Insurance Transactions.

§ 5-1502F. Construction--insurance  transactions. In a statutory short   form power of attorney, the language conferring general  authority  with   respect to "insurance transactions, " must be construed to mean that the   principal authorizes the agent:1.  To  continue,  to  pay the premium or assessment on, to modify, to   rescind, to release or to terminate  any  contract  of  life,  accident,   health,  disability  or  liability  insurance or any combination of such   insurance procured by or  on  behalf  of  the  principal  prior  to  the   creation  of  the agency which insures either the principal or any other   person, without  regard  to  whether  the  principal  is  or  is  not  a   beneficiary   thereunder;   provided,  however,  with  respect  to  life   insurance  contracts  existing  at  the  creation  of  the  agency,  the   authority  granted  hereby shall not include the power to add, delete or   otherwise change the designation of beneficiaries in effect for any such   contract, unless the authority to  make  such  additions,  deletions  or   changes  is  stated  otherwise  in  the  "Modifications"  section  of  a   statutory short form power of attorney or in a  non-statutory  power  of   attorney  signed  and  dated  by the principal with the signature of the   principal  duly  acknowledged  in  the   manner   prescribed   for   the   acknowledgment  of  a conveyance of real property, and which is executed   pursuant to the requirements of section 5-1501B of this title;2. To procure new, different  or  additional  contracts  of  insurance   protecting   the  principal  with  respect  to  ill-health,  disability,   accident or liability of any sort, to select the  amount,  the  type  of   insurance  contract  and  the mode of payment under each such policy, to   pay the premium or assessment on, to modify, to rescind, to  release  or   to terminate, any contract so procured by the agent;3.  To  apply for and to receive any available loan on the security of   the contract of insurance, whether for the payment of a premium  or  for   the  procuring  of  cash, to surrender and thereupon to receive the cash   surrender value, to exercise an election as to beneficiary  or  mode  of   payment,  to  change  the manner of paying premiums, and to change or to   convert the type of insurance contract, with respect to any contract  of   life,  accident,  health,  disability or liability insurance as to which   the principal has, or claims to have, any one  or  more  of  the  powers   described in this section; provided, however, that the authority granted   hereby  shall  not  include the power to add, delete or otherwise change   the designation of beneficiaries in effect for any such contract, unless   the authority to make such additions, deletions or changes is  expressly   stated  otherwise  in  the  "Modifications" section of a statutory short   form power of attorney or in a non-statutory power  of  attorney  signed   and  dated  by  the  principal  with the signature of the principal duly   acknowledged in the  manner  prescribed  for  the  acknowledgment  of  a   conveyance  of  real  property,  and  which  is executed pursuant to the   requirements of section 5-1501B of this title;4.  To  demand,  to  receive,  to  obtain  by  action,  proceeding  or   otherwise,  any  money,  dividend,  or other thing of value to which the   principal is, or may become, or may claim to be entitled as the proceeds   of any contract of insurance or of  one  or  more  of  the  transactions   enumerated  in  this  section, to conserve, to invest, to disburse or to   utilize anything so received for purposes enumerated  in  this  section,   and  to reimburse the agent for any expenditures properly made by him in   the execution of the powers conferred on him by the statutory short form   power of attorney;5. To apply for and to procure any available governmental aid  in  the   guaranteeing  or  paying of premiums of any contract of insurance on the   life of the principal; 6. To sell, to assign, to hypothecate, to borrow upon,  or  to  pledge   the interest of the principal in any contract of insurance;7.  To  pay,  from  such  proceeds  or  otherwise, to compromise or to   contest, and to apply  for  refunds  in  connection  with,  any  tax  or   assessment  levied by a taxing authority with respect to any contract of   insurance or the proceeds thereof or liability  accruing  by  reason  of   such tax or assessment;8. To agree and to contract, in any manner, and with any person and on   any  terms,  which the agent may select for the accomplishment of any of   the purposes enumerated in this section, and to perform, to rescind,  to   reform, to release or to modify any such agreement or contract;9.  To  execute,  to  acknowledge, to seal and to deliver any consent,   demand,  request,  application,  agreement,  indemnity,   authorization,   assignment,  pledge,  notice, check, receipt, waiver or other instrument   which the agent may think useful for the accomplishment of  any  of  the   purposes enumerated in this section;10.  To  continue, to procure, to pay the premium or assessment on, to   modify, to rescind, to release, to terminate or otherwise to  deal  with   any  contract  of insurance, other than those enumerated in subdivisions   one  or  two  of  this  section,   whether   fire,   marine,   burglary,   compensation, disability, liability, hurricane, casualty, or other type,   or  any  combination of insurance, to do any act or acts with respect to   any such contract or with respect to its proceeds or  enforcement  which   the  agent  thinks  to  be  desirable  or necessary for the promotion or   protection of the interests of the principal;11.  To  prosecute,  to  defend,  to  submit  to  alternative  dispute   resolution,  to  settle,  and  to propose or to accept a compromise with   respect to any claim existing in favor of,  or  against,  the  principal   based  on  or involving any insurance transaction or to intervene in any   action or proceeding relating thereto;12. To hire, to discharge, and to compensate any attorney, accountant,   expert witness or other assistant or assistants  when  the  agent  shall   think such action to be desirable for the proper execution by him of any   of  the  powers  described in this section and for the keeping of needed   records thereof; and13. In general, and in addition to  all  the  specific  acts  in  this   section enumerated, to do any other act or acts, which the principal can   do   through  an  agent,  in  connection  with  procuring,  supervising,   managing, modifying, enforcing and terminating contracts of insurance in   which  the  principal  is  the  insured  or  is  otherwise  in  any  way   interested.All   powers   described  in  this  section  5-1502F  of  the  general   obligations law shall be exercisable with respect  to  any  contract  of   insurance  in which the principal is in any way interested, whether made   in the state of New York or elsewhere.