Bill Text: NY A00072 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 72 (Prior Session Legislation)

Introduced

Bill Title: Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Introduced - Dead) 2020-01-16 - advanced to third reading cal.327 [A00072 Detail]

Download: New_York-2019-A00072-Introduced.html

                STATE OF NEW YORK
        ________________________________________________________________________
                                           72
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced by M. of A. CAHILL, CYMBROWITZ, OTIS -- Multi-Sponsored by --
          M.  of  A.   ABINANTI, CUSICK, MALLIOTAKIS, PERRY, WEPRIN -- read once
          and referred to the Committee on Insurance
        AN ACT to amend the insurance law, in relation to requiring  the  super-
          intendent  of  financial  services  to  promulgate  regulations  which
          provide standardized definitions for commonly used terms  and  phrases
          in certain insurance policies
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 3425 of the insurance law is amended  by  adding  a
     2  new subsection (t) to read as follows:
     3    (t) Within six months after the effective date of this subsection, the
     4  superintendent  shall  promulgate regulations in accordance with section
     5  two hundred two of the state administrative procedure act which  provide
     6  standardized definitions for commonly used terms and phrases in policies
     7  that  provide  coverage for personal lines insurance as defined in para-
     8  graph two of subsection (a) of this section. Such standardized terms and
     9  phrases shall be used in such policies issued or delivered in this state
    10  on or after the date the regulations are finalized, which  shall  be  no
    11  later  than  January  first, two thousand twenty-one. An insurer may use
    12  alternative definitions, so long as such definitions are  not  any  less
    13  favorable  to  the policyholder or claimant, as determined by the super-
    14  intendent.
    15    § 2. Section 3426 of the insurance law is  amended  by  adding  a  new
    16  subsection (p) to read as follows:
    17    (p) Within six months after the effective date of this subsection, the
    18  superintendent  shall  promulgate regulations in accordance with section
    19  two hundred two of the state administrative procedure act which  provide
    20  standardized definitions for commonly used terms and phrases in policies
    21  that provide coverage for commercial lines insurance policies that cover
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01962-01-9

        A. 72                               2
     1  loss or damage to real property, personal property, or other liabilities
     2  for  loss  or  damage  to  property. Such standardized terms and phrases
     3  shall be used in such policies issued or delivered in this state  on  or
     4  after  the  date  the regulations are finalized, which shall be no later
     5  than January first, two thousand twenty-one.  An insurer may use  alter-
     6  native definitions, so long as such definitions are not any less favora-
     7  ble  to  the  policyholder or claimant, as determined by the superinten-
     8  dent.
     9    § 3. This act shall take effect immediately.