Bill Text: NY A02866 | 2023-2024 | General Assembly | Introduced

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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: (Passed) 2024-11-22 - signed chap.460 [A02866 Detail]

Download: New_York-2023-A02866-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2866

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 27, 2023
                                       ___________

        Introduced  by M. of A. PHEFFER AMATO, JONES, WALLACE, BENEDETTO, ZINER-
          MAN, CRUZ -- read once and referred to the Committee on Insurance

        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
    19  date of the chapter of the laws of two thousand twenty-three which added
    20  this subsection. Notwithstanding paragraph seven of  subsection  (a)  of
    21  section  three  thousand  four  hundred twenty-five of this article, any
    22  changes in a homeowner's insurance policy or dwelling, fire, or personal
    23  policy registered as a result of the adoption by the  superintendent  of
    24  regulations  under  this section, may be applied to such policies on the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06414-01-3
        A. 2866                             2

     1  policy's initial renewal date or the policy's next annual renewal  after
     2  the effective date of such regulations.
     3    §  2.  This  act shall take effect on the ninetieth day after it shall
     4  have become a law, and shall apply to all policies issued or renewed  on
     5  or  after  the one hundred eightieth day after the adoption of the regu-
     6  lations required in section 3445 of the insurance  law,  as  amended  by
     7  this act.