Bill Text: NY A02561 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to requiring insurers to refund or credit to the insured a percentage of the premiums paid after receiving a non-renewal notice, based solely on the geographical location of the property or risks.

Spectrum: Moderate Partisan Bill (Democrat 24-5)

Status: (Introduced - Dead) 2012-06-06 - held for consideration in insurance [A02561 Detail]

Download: New_York-2011-A02561-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2561
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 19, 2011
                                      ___________
       Introduced  by  M.  of  A. WEISENBERG, COLTON, JAFFEE, PERRY, BENEDETTO,
         ZEBROWSKI, SPANO, TITUS, HOOPER, PHEFFER,  MARKEY,  CASTRO  --  Multi-
         Sponsored  by -- M. of A. BARRON, BOYLAND, BROOK-KRASNY, GALEF, LATIM-
         ER, MAISEL, MAYERSOHN, McDONOUGH, McENENY, McKEVITT, RAIA,  J. RIVERA,
         ROBINSON, RUSSELL, SALADINO, SCHIMEL, THIELE -- read once and referred
         to the Committee on Insurance
       AN  ACT to amend the insurance law, in relation to requiring insurers to
         refund or credit to the insured a percentage  of  the  premiums  paid,
         after they receive a non-renewal notice for homeowners insurance
         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 3430-a
    2  to read as follows:
    3    S 3430-A. RIGHT OF INSURED UPON NOTICE OF NON-RENEWAL  OF  HOMEOWNER'S
    4  INSURANCE.  (A)  THE SUPERINTENDENT SHALL CAUSE THE INSURER TO REFUND OR
    5  CREDIT ANY INSURED WHO HAS RECEIVED A NOTICE  OF  NON-RENEWAL  FROM  THE
    6  INSURER  FOR HOMEOWNER'S INSURANCE, INCLUDING FIRE INSURANCE OR FIRE AND
    7  EXTENDED COVERAGE INSURANCE, OTHER  THAN  FROM  THE  NEW  YORK  PROPERTY
    8  INSURANCE  UNDERWRITING  ASSOCIATION,  FOR  A PERCENTAGE OF THE PREMIUMS
    9  PAID FOR THE NUMBER OF YEARS A CLAIM WAS NOT MADE, PROVIDED, HOWEVER THE
   10  INSURED'S NON-RENEWAL  NOTICE  WAS  BASED  SOLELY  ON  THE  GEOGRAPHICAL
   11  LOCATION  OF  THE PROPERTY OR RISKS AND NOT BASED ON ANY CLAIM OR CLAIMS
   12  MADE BY THE INSURED.
   13    (B) THE SUPERINTENDENT SHALL PROMULGATE RULES AND REGULATIONS  REGARD-
   14  ING  THE  MANNER  AND PERCENTAGE IN WHICH PREMIUMS ARE TO BE REFUNDED OR
   15  CREDITED.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04197-01-1