Bill Text: NY A01687 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint; provides that no insurer licensed or permitted by the superintendent to provide liability coverage to rental property owners shall exclude coverage for losses or damages caused by exposure to lead-based paint.

Spectrum: Partisan Bill (Democrat 32-0)

Status: (Engrossed) 2024-05-07 - REFERRED TO INSURANCE [A01687 Detail]

Download: New_York-2023-A01687-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1687

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced  by  M.  of  A. RIVERA, CLARK, CRUZ, DE LOS SANTOS, DINOWITZ,
          FAHY,  HEVESI,  LAVINE,  MAMDANI,  McMAHON,   MEEKS,   PEOPLES-STOKES,
          L. ROSENTHAL,  SAYEGH,  SEAWRIGHT, TAYLOR, ZINERMAN, JACKSON, SIMON --
          read once and referred to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to prohibiting the exclu-
          sion of coverage for losses or damages caused  by  exposure  to  lead-
          based paint

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The insurance law is amended by adding a new  section  3462
     2  to read as follows:
     3    §  3462. Exclusion for lead hazards prohibited. No insurer licensed or
     4  permitted by the superintendent to provide liability coverage to  rental
     5  property  owners  shall  exclude,  after twenty-six months following the
     6  effective date of this section, coverage for losses or damages caused by
     7  exposure to lead-based paint. The department shall not permit, authorize
     8  or approve any exclusion for injury or damage resulting from exposure to
     9  lead-based paint, except as specifically provided for in law,  that  was
    10  not  in  effect as of the effective date of this section, and all previ-
    11  ously approved exclusions shall terminate on or before twenty-six months
    12  following the effective date of this section.
    13    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01667-01-3