Bill Text: NY A01230 | 2015-2016 | General Assembly | Amended

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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 10-2)

Status: (Engrossed - Dead) 2016-03-21 - REFERRED TO INSURANCE [A01230 Detail]

Download: New_York-2015-A01230-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1230--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     January 8, 2015
                                       ___________
        Introduced by M. of A. CAHILL, CYMBROWITZ -- Multi-Sponsored by -- M. of
          A.  ABINANTI,  CUSICK,  MALLIOTAKIS,  MOYA,  PERRY, SALADINO, SKOUFIS,
          WEPRIN -- read once and referred to  the  Committee  on  Insurance  --
          recommitted  to the Committee on Insurance in accordance with Assembly
          Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
        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 eighteen.   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
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06324-03-6