Bill Text: NY S02705 | 2011-2012 | General Assembly | Amended

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Bill Title: Permits insurers to make available multiple rating plans for private passenger motor vehicle insurance within the same company.

Spectrum: Bipartisan Bill

Status: (Passed) 2011-08-17 - SIGNED CHAP.457 [S02705 Detail]

Download: New_York-2011-S02705-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2705--A
           Cal. No. 89
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 28, 2011
                                      ___________
       Introduced by Sens. SEWARD, KLEIN -- read twice and ordered printed, and
         when printed to be committed to the Committee on Insurance -- reported
         favorably  from  said  committee,  ordered to first and second report,
         ordered to a third reading, amended and ordered  reprinted,  retaining
         its place in the order of third reading
       AN ACT to amend the insurance law, in relation to permitting insurers to
         make  available  multiple  rating programs for private passenger motor
         vehicle insurance within the same company
         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 2352
    2  to read as follows:
    3    S 2352. MULTIPLE RATING PROGRAMS. (A) SUBJECT TO THE  SUPERINTENDENT'S
    4  PRIOR  APPROVAL,  AN  INSURER MAY ESTABLISH MORE THAN ONE RATING PROGRAM
    5  WITHIN THE SAME COMPANY FOR POLICIES OF INSURANCE THAT  ARE  SUBJECT  TO
    6  SECTION  THREE  THOUSAND  FOUR  HUNDRED  TWENTY-FIVE  OF  THIS  CHAPTER;
    7  PROVIDED THAT:
    8    (1) EACH RATING PROGRAM SHALL APPLY ONLY TO POLICIES NEWLY WRITTEN  ON
    9  OR  AFTER  THE  EFFECTIVE  DATE  OF  THE RATING PROGRAM BUT PRIOR TO THE
   10  EFFECTIVE DATE OF ANY SUBSEQUENTLY  APPROVED  RATING  PROGRAM;  PROVIDED
   11  HOWEVER  IF  AN  INSURER  TERMINATES  A RATING PROGRAM, THEN THE INSURER
   12  SHALL RENEW THE POLICIES THAT WERE  SUBJECT  TO  THE  TERMINATED  RATING
   13  PROGRAM IN A SUBSEQUENTLY APPROVED RATING PROGRAM.
   14    (2)  THE  PROVISIONS  OF SUBSECTION (F) OF SECTION THREE THOUSAND FOUR
   15  HUNDRED TWENTY-FIVE AND SUBSECTION (B) OF  SECTION  TWO  THOUSAND  THREE
   16  HUNDRED  FORTY-NINE  OF  THIS  CHAPTER  SHALL  BE APPLIED TO EACH RATING
   17  PROGRAM SEPARATELY.
   18    (B) THE SUPERINTENDENT MAY PROMULGATE RULES AND REGULATIONS TO  IMPLE-
   19  MENT THE PROVISIONS OF THIS SECTION.
   20    S  2.  This  act shall take effect on the ninetieth day after it shall
   21  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08794-02-1