Bill Text: NY S03387 | 2011-2012 | General Assembly | Amended

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

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Bill Title: Provides superintendent of insurance shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-02-01 - PRINT NUMBER 3387A [S03387 Detail]

Download: New_York-2011-S03387-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3387--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 17, 2011
                                      ___________
       Introduced  by  Sens.  LAVALLE, AVELLA, ZELDIN -- read twice and ordered
         printed, and when printed to be committed to the Committee  on  Insur-
         ance  --  recommitted to the Committee on Insurance in accordance with
         Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to amend the insurance law, in relation to homeowners insurance
         deductibles triggers
         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 renumbered section 3455 and amended to  read  as
    3  follows:
    4    S 3455. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
    5  The superintendent shall by regulation establish disclosure requirements
    6  with  respect to the operation of any deductible in a homeowner's insur-
    7  ance policy or dwelling fire personal lines policy which applies as  the
    8  result  of  a  windstorm. Such regulations shall prescribe the form of a
    9  notice to be provided by an insurer to  an  insured.  The  notice  shall
   10  explain  in  clear  and plain language the amount of the deductible, the
   11  circumstances under which the deductible applies and any  other  matters
   12  which the superintendent, in his or her discretion, shall deem necessary
   13  or appropriate.
   14    (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
   15  HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
   16  POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
   17  TO THE TRIGGERING EVENT.
   18    THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
   19  ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
   20  DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWELVE WHICH ADDED  THIS
   21  SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION
   22  THREE  THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES IN
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04265-03-2
       S. 3387--A                          2
    1  A HOMEOWNER'S INSURANCE POLICY OR DWELLING,  FIRE,  OR  PERSONAL  POLICY
    2  REGISTERED  AS  A  RESULT OF THE ADOPTION BY THE SUPERINTENDENT OF REGU-
    3  LATIONS UNDER THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE POLI-
    4  CY'S  INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL AFTER THE
    5  EFFECTIVE DATE OF SUCH REGULATIONS.
    6    S 2. This act shall take effect on the ninetieth day  after  it  shall
    7  have  become a law, and shall apply to all policies issued or renewed on
    8  or after the one hundred eightieth day after the adoption of  the  regu-
    9  lations  required  in  section  3455 of the insurance law, as amended by
   10  this act.