Bill Text: NY A00950 | 2021-2022 | General Assembly | Amended

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Bill Title: Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Engrossed - Dead) 2022-03-29 - REFERRED TO INSURANCE [A00950 Detail]

Download: New_York-2021-A00950-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         950--C
                                                                 Cal. No. 58

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by  M. of A. PHEFFER AMATO, JONES, COOK, WALLACE, BENEDETTO,
          GRIFFIN, FERNANDEZ, ZINERMAN -- read once and referred to the  Commit-
          tee  on  Insurance  --  committee  discharged,  bill  amended, ordered
          reprinted as amended and recommitted to  said  committee  --  reported
          from  committee,  advanced  to  a  third  reading, amended and ordered
          reprinted, retaining its place  on  the  order  of  third  reading  --
          ordered  to  a third reading, amended and ordered reprinted, retaining
          its place on the order of third reading

        AN ACT to amend the insurance law, in relation to  homeowners  insurance
          deductibles triggers

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 3445 of the insurance law, as added by  chapter  44
     2  of the laws of 1998, is amended to read as follows:
     3    § 3445. Windstorm insurance notice; deductible trigger standards.  (a)
     4  The superintendent shall by regulation establish disclosure requirements
     5  with  respect to the operation of any deductible in a homeowner's insur-
     6  ance policy or dwelling fire personal lines policy which applies as  the
     7  result  of  a  windstorm. Such regulations shall prescribe the form of a
     8  notice to be provided by an insurer to  an  insured.  The  notice  shall
     9  explain  in  clear  and plain language the amount of the deductible, the
    10  circumstances under which the deductible applies and any  other  matters
    11  which the superintendent, in his or her discretion, shall deem necessary
    12  or appropriate.
    13    (b)  The  superintendent  shall  by regulation establish standards for
    14  hurricane windstorm deductibles, which create, to  the  greatest  extent
    15  possible,  uniformity  in the operation of such deductibles with respect
    16  to the triggering event.
    17    The superintendent shall  promulgate  such  regulations  by  emergency
    18  adoption  or  otherwise, within one hundred eighty days of the effective

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05133-06-2
        A. 950--C                           2

     1  date of the chapter of the laws of two thousand twenty-two  which  added
     2  this  subsection.  Notwithstanding  paragraph seven of subsection (a) of
     3  section three thousand four hundred twenty-five  of  this  article,  any
     4  changes in a homeowner's insurance policy or dwelling, fire, or personal
     5  policy  registered  as a result of the adoption by the superintendent of
     6  regulations under this section, may be applied to such policies  on  the
     7  policy's  initial renewal date or the policy's next annual renewal after
     8  the effective date of such regulations.
     9    § 2. This act shall take effect on the ninetieth day  after  it  shall
    10  have  become a law, and shall apply to all policies issued or renewed on
    11  or after the one hundred eightieth day after the adoption of  the  regu-
    12  lations  required  in  section  3445 of the insurance law, as amended by
    13  this act.