Bill Text: NY S08772 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 8772

Introduced

Bill Title: Requires insurance companies to provide detailed rationale and the formulation for rate changes of certain state or municipal backed buildings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-11 - REFERRED TO INSURANCE [S08772 Detail]

Download: New_York-2023-S08772-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          8772

                    IN SENATE

                                     March 11, 2024
                                       ___________

        Introduced  by  Sen.  BAILEY -- 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  requiring  insurance
          companies  to  provide  detailed rationale for rate changes of certain
          state or municipal backed buildings

          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 2354
     2  to read as follows:
     3    § 2354. Notice of rate increase. 1. As used in this section, the  term
     4  "state  or municipal backed building or development" shall mean a build-
     5  ing or development owned by the state or which is in any way  subsidized
     6  by  the  state  including, but not limited to, a building or development
     7  organized pursuant to article two of the private  housing  finance  law,
     8  supervised  by  the New York city department of housing preservation and
     9  development, or supervised by the department of  housing  and  community
    10  renewal.
    11    2.  No  insurer shall impose an increased premium or rate for a policy
    12  or contract which includes coverage  of  a  state  or  municipal  backed
    13  building  or development without providing written notice to all policy-
    14  holders and any governmental entity supervising such building or  devel-
    15  opment  indicating  the change in premiums or rates not less than sixty,
    16  but not more than one hundred twenty, days prior to the  effective  date
    17  of  such  premiums  or rates. Such notice shall include, but not limited
    18  to, a detailed rationale for the change in premiums  or  rates  and  the
    19  formulation of the premium or rate change.
    20    §  2. This act shall take effect on the first of January next succeed-
    21  ing the date on which it shall have become a law and shall apply to  all
    22  policies and contracts issued, renewed, modified, altered, or amended on
    23  or  after  such  date.  Effective  immediately,  the addition, amendment
    24  and/or repeal of any rule or regulation necessary for the implementation
    25  of this act on  its  effective  date  are  authorized  to  be  made  and
    26  completed on or before such date.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14826-02-4