Bill Text: NY A02902 | 2019-2020 | General Assembly | Introduced


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: Moderate Partisan Bill (Democrat 9-2)

Status: (Introduced) 2019-04-25 - advanced to third reading cal.187 [A02902 Detail]

Download: New_York-2019-A02902-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2902
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 28, 2019
                                       ___________
        Introduced  by  M.  of  A.  PHEFFER AMATO,  JONES,  ORTIZ, COOK, CRESPO,
          M. L. MILLER, DiPIETRO -- 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 nineteen 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.
                                                                   LBD03722-01-9

        A. 2902                             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.
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