Bill Text: NY A07829 | 2013-2014 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the Joint Underwriting Association.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-06-18 - substituted by s5236 [A07829 Detail]

Download: New_York-2013-A07829-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7829
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 5, 2013
                                      ___________
       Introduced by M. of A. CAHILL -- read once and referred to the Committee
         on Insurance
       AN ACT to amend the insurance law, in relation to reporting by the joint
         underwriting association
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (g) of section 5402 of  the  insurance  law,  as
    2  amended  by  section  1  of part W of chapter 55 of the laws of 2013, is
    3  amended to read as follows:
    4    (g) In addition to fire insurance,  extended  coverage,  coverage  for
    5  additional  perils  and  homeowners  insurance  should  the same be made
    6  available through the association in accordance with a determination  of
    7  necessity  pursuant to section five thousand four hundred twelve of this
    8  article, the association may offer broad  form  coverage  to  applicants
    9  seeking to insure real property at fixed locations of this state, or the
   10  tangible  personal  property  located thereon. The association may offer
   11  broad form coverage for a period of ten years beginning on June  thirti-
   12  eth,  two thousand eight. [The] ON OR BEFORE OCTOBER FIRST, TWO THOUSAND
   13  SEVENTEEN, THE superintendent shall require the association to report to
   14  him or her [annually during that ten-year period] as to  the  number  of
   15  policies  written  pursuant  to  this  subsection and paragraph three of
   16  subsection (f) of section five thousand four hundred five of this  arti-
   17  cle [in the previous year,] and any other information the superintendent
   18  may  require.  [The superintendent shall then report to the governor and
   19  the legislature regarding the number of policies issued pursuant to this
   20  subsection and such paragraph annually for the  first  nine  years  such
   21  coverage is offered.] On or before January first, two thousand eighteen,
   22  the superintendent shall [make a final, cumulative] report to the gover-
   23  nor  and the legislature [which] REGARDING THE NUMBER OF POLICIES ISSUED
   24  PURSUANT TO THIS SUBSECTION AND PARAGRAPH THREE  OF  SUBSECTION  (F)  OF
   25  SECTION  FIVE  THOUSAND  FOUR  HUNDRED  FIVE  OF  THIS ARTICLE AND shall
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11364-01-3
       A. 7829                             2
    1  include recommendations as to the continuation of such insurance  offer-
    2  ings.
    3    S 2. This act shall take effect immediately.