Bill Text: NY S05899 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 5899

Introduced

Bill Title: Relates to alternative forms of identification for renters insurance, including a municipal identification card, or other state or local government-issued identification card, or a notarized copy of the rental lease signed by the property owner, the property management firm and the insured.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO INSURANCE [S05899 Detail]

Download: New_York-2023-S05899-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          5899

                               2023-2024 Regular Sessions

                    IN SENATE

                                     March 22, 2023
                                       ___________

        Introduced  by Sen. BRISPORT -- 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 alternative  forms  of
          identification for renters insurance

          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  3422
     2  to read as follows:
     3    §  3422.  Renters  insurance;  alternative  forms  of  identification.
     4  Notwithstanding any other provision of this chapter or any other law  to
     5  the  contrary,  every  insurer  issuing a policy or contract for renters
     6  insurance, shall accept, in lieu of a social security number, a  munici-
     7  pal identification card, or other state or local government-issued iden-
     8  tification  card.  The insurer may also require, as proof of identity, a
     9  notarized copy of the rental lease signed by  the  property  owner,  the
    10  property management firm and the insured. The premium for such policy or
    11  contract  which insures renters shall be based on sound underwriting and
    12  actuarial principles. Insurers shall provide insureds with the option to
    13  pay such renters insurance premium in one full payment, in twelve month-
    14  ly payments, or by biannual payments.
    15    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02052-01-3