S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 322                                                     A. 93
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2015
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed, and when printed to be committed to the Committee on Insurance
       IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
         to the Committee on Insurance
       AN ACT to amend the insurance law, in relation  to  windstorm  insurance
         notice regarding deductibles
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 3445 of the insurance law, as added by  chapter  44
    2  of the laws of 1998, is amended to read as follows:
    3    S  3445.  Windstorm  insurance  notice. 1. The superintendent shall by
    4  regulation establish disclosure requirements with respect to the  opera-
    5  tion  of  any  deductible  in a homeowner's insurance policy or dwelling
    6  fire personal lines policy which applies as the result of  a  windstorm.
    7  Such  regulations shall prescribe the form of a notice to be provided by
    8  an insurer to an insured. The notice shall explain in  clear  and  plain
    9  language  the  amount  of  the deductible SUBJECT TO SUBSECTION THREE OF
   10  THIS SECTION, the circumstances under which the deductible  applies  and
   11  any  other  matters  which the superintendent, in his or her discretion,
   12  shall deem necessary or appropriate.
   13    2. A CATASTROPHIC WINDSTORM DEDUCTIBLE  APPLICABLE  TO  A  HOMEOWNER'S
   14  INSURANCE  POLICY  OR  DWELLING  FIRE PERSONAL LINES POLICY SHALL NOT BE
   15  APPROVED BY THE DEPARTMENT UNLESS THE DEDUCTIBLE IS APPLICABLE  ONLY  TO
   16  LOSSES  INCURRED  IN A HURRICANE WHICH CAUSES WIND SPEEDS OF ONE HUNDRED
   17  TWENTY-FIVE MILES OR GREATER PER HOUR TO OCCUR WITHIN THE STATE.
   18    3. THE MAXIMUM DEDUCTIBLE ALLOWED SHALL NOT BE  GREATER  THAN  FIFTEEN
   19  HUNDRED DOLLARS AND SHALL BE STATED ON THE POLICY IN NUMERICAL TERMS.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00487-01-5