Bill Text: NY S03860 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to allowing reduced deductibles for insurers offering physical damage insurance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INSURANCE [S03860 Detail]

Download: New_York-2015-S03860-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3860
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 20, 2015
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Insurance
       AN ACT to amend the insurance law, in relation to deductibles for  phys-
         ical damage insurance
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (k) of section 3411  of  the  insurance  law  is
    2  amended to read as follows:
    3    (k) (1) Each insurer which offers physical damage insurance subject to
    4  the  provisions of this section shall offer such insurance with a stand-
    5  ard deductible of two hundred dollars for each occurrence.  The  insured
    6  shall, however, at the inception of the policy or at the annual anniver-
    7  sary  date,  or at the time of the replacement or addition of an automo-
    8  bile, have the option of purchasing a policy with a  lesser  deductible,
    9  but  in no event may the insurer sell a policy with a deductible of less
   10  than fifty dollars for fire, theft or comprehensive insurance  coverages
   11  (one hundred dollars for assigned risk policies issued pursuant to para-
   12  graph two of subsection (a) of section five thousand three hundred three
   13  of  this chapter) and one hundred dollars for collision insurance cover-
   14  age except that window glass coverage may be sold without a  deductible.
   15  Each  insurer  which  offers  physical  damage  insurance subject to the
   16  provisions of this section shall also offer  physical  damage  coverages
   17  with  co-insurance  or  deductible provisions or combinations thereof as
   18  the superintendent may prescribe, including but not limited  to  deduct-
   19  ibles  of  two hundred fifty dollars, five hundred dollars and one thou-
   20  sand dollars.
   21    (2) NOTWITHSTANDING THE DOLLAR LIMITS FOR DEDUCTIBLES IN PARAGRAPH ONE
   22  OF THIS SUBSECTION, AN INSURER WHICH OFFERS  PHYSICAL  DAMAGE  INSURANCE
   23  SUBJECT  TO  THE  PROVISIONS  OF THIS SECTION MAY OFFER A REDUCED DOLLAR
   24  DEDUCTIBLE, A ZERO DOLLAR DEDUCTIBLE OR  A  DEDUCTIBLE  THAT  DIMINISHES
   25  OVER TIME AND MAY ULTIMATELY BE REDUCED TO ZERO DOLLARS.
   26    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09343-01-5