Bill Text: NY S06352 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to limits on certain supplementary insurance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-31 - REFERRED TO INSURANCE [S06352 Detail]

Download: New_York-2011-S06352-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6352
                                   I N  S E N A T E
                                   January 31, 2012
                                      ___________
       Introduced  by  Sen. JOHNSON -- 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  limits  on  certain
         supplementary insurance
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subparagraph (A)  of  paragraph  2  of  subsection  (f)  of
    2  section 3420 of the insurance law, as separately amended by chapters 547
    3  and 568 of the laws of 1997, is amended to read as follows:
    4    (A)  Any such policy shall, at the option of the insured, also provide
    5  supplementary  uninsured/underinsured  motorists  insurance  for  bodily
    6  injury,  in  an  amount [up to] NO LESS THAN the bodily injury liability
    7  insurance limits of coverage provided under such policy,  subject  to  a
    8  maximum  of  two hundred fifty thousand dollars because of bodily injury
    9  to or death of one person in any one accident and, subject to such limit
   10  for one person, up to five hundred thousand dollars  because  of  bodily
   11  injury  to  or  death  of  two or more persons in any one accident, or a
   12  combined single limit policy of five hundred thousand dollars because of
   13  bodily injury to or death of one or more persons in  any  one  accident.
   14  PROVIDED  HOWEVER,  THAT  IF  THE  INSURED  DECLINES  SUCH SUPPLEMENTARY
   15  UNINSURED/UNDERINSURED MOTORISTS INSURANCE  SUCH  DECLINATION  SHALL  BE
   16  MEMORIALIZED  IN  A  WRITTEN  WAIVER SIGNED BY SUCH INSURED. SUCH WAVIER
   17  SHALL DISCLOSE THE BENEFITS OF SUCH SUPPLEMENTAL POLICY  AND  THE  ADDI-
   18  TIONAL  COST  THEREOF.  Provided  however, [an] ANY insurer issuing such
   19  policy, in lieu of offering to the insured the coverages  stated  above,
   20  [may]   SHALL  provide  supplementary  uninsured/underinsured  motorists
   21  insurance for bodily injury, in an amount [up to] NO LESS THAN the bodi-
   22  ly injury liability insurance limits of  coverage  provided  under  such
   23  policy,  subject to a maximum of one hundred thousand dollars because of
   24  bodily injury to or death of one person in any one accident and, subject
   25  to such limit for one person,  up  to  three  hundred  thousand  dollars
   26  because  of  bodily injury to or death of two or more persons in any one
   27  accident, or a combined single limit policy of  three  hundred  thousand
   28  dollars  because  of bodily injury to or death of one or more persons in
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13281-01-1
       S. 6352                             2
    1  any one accident, if  such  insurer  also  makes  available  a  personal
    2  umbrella  policy with liability AND SUPPLEMENTARY UNINSURED/UNDERINSURED
    3  MOTORISTS INSURANCE coverage limits up to at least five hundred thousand
    4  dollars    [which    also    provides    coverage    for   supplementary
    5  uninsured/underinsured     motorists     claims].          Supplementary
    6  uninsured/underinsured  motorists  insurance  shall provide coverage, in
    7  any state or Canadian province, if the limits  of  liability  under  all
    8  bodily  injury  liability  bonds and insurance policies of another motor
    9  vehicle liable for damages are in a lesser amount than the bodily injury
   10  liability insurance limits of coverage provided by such  policy.    Upon
   11  written    request    by    any    insured   covered   by   supplemental
   12  uninsured/underinsured motorists insurance or his duly authorized repre-
   13  sentative and upon disclosure by the insured  of  the  insured's  bodily
   14  injury   and  supplemental  uninsured/underinsured  motorists  insurance
   15  coverage limits, the insurer of any other owner or operator  of  another
   16  motor  vehicle  against  which  a claim has been made for damages to the
   17  insured shall disclose, within forty-five days of the request, the bodi-
   18  ly injury liability insurance limits of its coverage provided under  the
   19  policy  or all bodily injury liability bonds. The time of the insured to
   20  make any supplementary uninsured/underinsured motorist claim,  shall  be
   21  tolled  during  the period the insurer of any other owner or operator of
   22  another motor vehicle that may be liable for  damages  to  the  insured,
   23  fails  to  so  disclose  its coverage.   As a condition precedent to the
   24  obligation   of   the   insurer   to   pay   under   the   supplementary
   25  uninsured/underinsured  motorists  insurance  coverage,  the  limits  of
   26  liability of all bodily injury liability  bonds  or  insurance  policies
   27  applicable  at the time of the accident shall be exhausted by payment of
   28  judgments or settlements.
   29    S 2. This act shall take effect on the thirtieth day  after  it  shall
   30  have  become  a law, and shall apply to insurance policies and contracts
   31  issued, entered into or renewed on and after such effective date.