Bill Text: NY A03676 | 2019-2020 | General Assembly | Introduced

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Bill Title: Extends authorization for the issuance of broad form coverage.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2019-07-03 - SIGNED CHAP.70 [A03676 Detail]

Download: New_York-2019-A03676-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3676
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2019
                                       ___________
        Introduced  by M. of A. ROMEO -- read once and referred to the Committee
          on Insurance
        AN ACT to amend the insurance law, in relation to the issuance of  broad
          form coverage by the joint underwriting association
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (g) of section 5402 of  the  insurance  law,  as
     2  amended  by  chapter  542  of  the  laws  of 2013, is amended to read as
     3  follows:
     4    (g) In addition to fire insurance,  extended  coverage,  coverage  for
     5  additional  perils  and  homeowners  insurance  should  the same be made
     6  available through the association in accordance with a determination  of
     7  necessity  pursuant to section five thousand four hundred twelve of this
     8  article, the association may offer broad  form  coverage  to  applicants
     9  seeking to insure real property at fixed locations of this state, or the
    10  tangible  personal  property  located thereon. The association may offer
    11  broad form coverage for a period of [ten]  fifteen  years  beginning  on
    12  June  thirtieth,  two  thousand  eight.  On or before October first, two
    13  thousand seventeen the superintendent shall require the  association  to
    14  report  to  him  or her as to the number of policies written pursuant to
    15  this subsection and paragraph three of subsection (f)  of  section  five
    16  thousand  four  hundred  five of this article, and any other information
    17  the superintendent may require. On or before January first, two thousand
    18  eighteen, the superintendent shall report to the governor and the legis-
    19  lature regarding the number of policies issued pursuant to this  section
    20  and such paragraph and shall include recommendations as to the continua-
    21  tion of such insurance offerings.
    22    § 2. This act shall take effect immediately; provided, however that if
    23  this act shall not have become a law on or before June 30, 2018, section
    24  one of this act shall be deemed to have been in full force and effect on
    25  and after June 30, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06408-01-9