Bill Text: NY A03521 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to the limits of certain supplementary insurance policies; makes the Supplemental Underinsured Motorist (SUM) Insurance limit equal to the liability limit that each insured acquires.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2024-01-03 - referred to insurance [A03521 Detail]
Download: New_York-2023-A03521-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3521 2023-2024 Regular Sessions IN ASSEMBLY February 3, 2023 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Insurance AN ACT to amend the insurance law, in relation to limits on certain supplementary insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (A) of paragraph 2 of subsection (f) of 2 section 3420 of the insurance law, as amended by section 19 of part III 3 of chapter 59 of the laws of 2019, is amended to read as follows: 4 (A) Any such policy shall[, at the option of the insured,] also 5 provide supplementary uninsured/underinsured motorists insurance for 6 bodily injury, in an amount [up to] no less than the bodily injury 7 liability insurance limits of coverage provided under such policy, 8 subject to a maximum of two hundred fifty thousand dollars because of 9 bodily injury to or death of one person in any one accident and, subject 10 to such limit for one person, up to five hundred thousand dollars 11 because of bodily injury to or death of two or more persons in any one 12 accident, or a combined single limit policy of five hundred thousand 13 dollars because of bodily injury to or death of one or more persons in 14 any one accident; and any such policy insuring against loss resulting 15 from liability imposed by law for bodily injury or death suffered by any 16 natural person arising out of the ownership, maintenance, and use of an 17 altered motor vehicle commonly referred to as a "stretch limousine" 18 having a seating capacity of eight or more passengers used in the busi- 19 ness of carrying or transporting passengers for hire, shall provide 20 supplementary uninsured/underinsured motorists insurance for bodily 21 injury, in an amount of a combined single limit of one million five 22 hundred thousand dollars because of bodily injury or death of one or 23 more persons in any one accident. Provided however, [an] any insurer 24 issuing any such policy, except a policy insuring against loss resulting 25 from liability imposed by law for bodily injury or death suffered by any EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08323-01-3A. 3521 2 1 natural person arising out of the ownership, maintenance, and use of an 2 altered motor vehicle commonly referred to as a "stretch limousine" 3 having a seating capacity of eight or more passengers used in the busi- 4 ness of carrying or transporting passengers for hire, in lieu of offer- 5 ing to the insured the coverages stated above, [may] shall provide 6 supplementary uninsured/underinsured motorists insurance for bodily 7 injury, in an amount [up to] no less than the bodily injury liability 8 insurance limits of coverage provided under such policy, subject to a 9 maximum of one hundred thousand dollars because of bodily injury to or 10 death of one person in any one accident and, subject to such limit for 11 one person, up to three hundred thousand dollars because of bodily inju- 12 ry to or death of two or more persons in any one accident, or a combined 13 single limit policy of three hundred thousand dollars because of bodily 14 injury to or death of one or more persons in any one accident, if such 15 insurer also makes available a personal umbrella policy with liability 16 and supplementary uninsured/underinsured motorists insurance coverage 17 limits up to at least five hundred thousand dollars [which also provides18coverage for supplementary uninsured/underinsured motorists claims]. 19 Supplementary uninsured/underinsured motorists insurance shall provide 20 coverage, in any state or Canadian province, if the limits of liability 21 under all bodily injury liability bonds and insurance policies of anoth- 22 er motor vehicle liable for damages are in a lesser amount than the 23 bodily injury liability insurance limits of coverage provided by such 24 policy. Upon written request by any insured covered by supplemental 25 uninsured/underinsured motorists insurance or his duly authorized repre- 26 sentative and upon disclosure by the insured of the insured's bodily 27 injury and supplemental uninsured/underinsured motorists insurance 28 coverage limits, the insurer of any other owner or operator of another 29 motor vehicle against which a claim has been made for damages to the 30 insured shall disclose, within forty-five days of the request, the bodi- 31 ly injury liability insurance limits of its coverage provided under the 32 policy or all bodily injury liability bonds. The time of the insured to 33 make any supplementary uninsured/underinsured motorist claim, shall be 34 tolled during the period the insurer of any other owner or operator of 35 another motor vehicle that may be liable for damages to the insured, 36 fails to so disclose its coverage. As a condition precedent to the obli- 37 gation of the insurer to pay under the supplementary 38 uninsured/underinsured motorists insurance coverage, the limits of 39 liability of all bodily injury liability bonds or insurance policies 40 applicable at the time of the accident shall be exhausted by payment of 41 judgments or settlements. 42 § 2. This act shall take effect on the thirtieth day after it shall 43 have become a law, and shall apply to insurance policies and contracts 44 issued, entered into or renewed on and after such effective date.
